James Fisher and Sons Regulatory News (FSJ)

18 Jan 2005 12:29

Fisher (James) & Sons PLC18 January 2005 James Fisher and Sons plc ("James Fisher" or "the Company") Acquisition of Harsh Environment Systems Ltd James Fisher, the marine services provider, announces the acquisition of HarshEnvironment Systems Limited, a privately owned company, for a totalconsideration of £1.6 million in cash. Harsh Environment Systems Limited ("HES") is based in Egremont, Cumbria adjacentto the Sellafield Nuclear Plant. HES provides bespoke solutions for remoteoperations and monitoring in the nuclear decommissioning industry. It designsand develops equipment for use on hazardous sites with its own facilities fortesting equipment on large-scale mock-ups prior to installation. Barry Vernonand Trevor Singleton, the founding shareholders, will remain in their currentposition as Directors of the Company. The purchase further strengthens the development of James Fisher Nuclear Ltdwhich has its origins in the acquisition of James Fisher Rumic in 2002 and ispart of James Fisher's growing Marine Support Services Division which, in thefirst half of 2004, contributed 46% of the Company's operating profit against14% two years ago and represented 24% of assets employed. Tim Harris, Chairman of James Fisher, said: "Being neighbours to the BNFL site in Sellafield, HES have a natural advantagein working closely with BNFL for servicing their site operation and futuredecommissioning. The property has considerable room for expansion and HES willcomplement our recent acquisitions of Remote Marine Systems and NuclearDecommissioning Limited." Gordon Robertson, Managing Director of James Fisher Nuclear Ltd, said; "The acquisition of HES is an important building block in providing a broaderspread of high quality services to our Nuclear clients and the strategicposition of its property will also enable us to offer better local solutions andpre-commissioning testing facilities." Barry Vernon, Director of HES, said; "We are delighted to become part of James Fishers Nuclear Ltd and look forwardto integrating our products and services with their growing nucleardecommissioning activities" EC Hambro Rabben and Partners Ltd acted as corporate finance advisors for thisacquisition. For further information, please contact: James Fisher and Sons plcTim Harris Chairman 020 7338 5808Gordon Robertson MD JF Nuclear Services 01653 690001 Extension 226 EC Hambro Rabben & PartnersEivind Rabben 020 7355 4100Peter Donald 020 7355 4100 Binns & Co PRPaul McManus 020 7153 1485 07980 541893 This information is provided by RNS The company news service from the London Stock Exchange