Acquisition

27 Jul 2007 07:01

Fisher (James) & Sons PLC27 July 2007 For release 0700 Friday 27 July 2007 James Fisher Acquires NDT INSPECTION AND TESTING LTD James Fisher and Sons plc ('James Fisher' or FSJ.L), the leading marine servicecompany, announces the acquisition of the privately owned UK based InspectionHoldings Limited, whose main operating subsidiary is NDT Inspection and TestingLtd (NDT), for a maximum cash consideration of approximately £2.1m. Theacquisition is being funded from existing resources. NDT provides non destructive testing services to a wide range of clients inindustries including aerospace and nuclear. The company employs more than 50permanent staff across its three sites in Queensferry, Worcester andSittingbourne, which are strategically located to provide UK nationwidecoverage. The NDT business will become part of James Fisher's Specialist TechnicalDivision which will leverage NDT's solid capabilities to develop enhancedinspection services using modern digital radiography. NDT's turnover for the year to 31 December 2006 was £2.6m. Initial considerationis £1,200,000 with an additional amount of up to £800,000 payable if operatingprofit before depreciation reaches £397,000 in the year to 31 December 2007.James Fisher also undertook to redeem a loan note of £137,018 outstanding atcompletion. Tim Harris, Chairman of James Fisher, said: "NDT will assist the expansion of James Fisher Inspection and MeasurementServices. It complements our existing products and services and enjoys a strongposition in a specialist niche market." Paul Read, the Managing Director of JFIMS, said: "Acquiring NDT represents the latest step in building JFIMS into a majorprovider of inspection and measurement services. The acquisition complementsour business and strengthens our market presence. I look forward to workingwith the NDT team to develop the business further and focussing on deliveringhigh value services to our customers." EC Hambro Rabben & Partners Ltd acted as corporate finance advisors to JamesFisher. For further information, please contact: James Fisher and Sons plc Tim Harris Chairman 020 7614 9508www.james-fisher.co.uk James Fisher IMS Paul Read Managing Director 0161 227 8843www.jfims.co.uk EC Hambro Rabben & Partners Peter Donald 020 7355 4100www.echambrorabben.co.uk Petter Hagland Financial Dynamics Richard Mountain 020 7269 7121 Notes to Editors: James Fisher Inspection and Measurement Services (JFIMS), a subsidiary of JamesFisher and Sons, provides inspection and measurement capabilities for thenuclear, defence, homeland security, aerospace, offshore and other industries.The core business activity is the use or measurement of radiation to inspect orcharacterise. In partnership with international market leaders the companyoffers a range of products and services addressing radiation measurement,radiological protection, non destructive testing and non destructive examinationrequirements. JFIMS have highly experienced personnel with knowledge of a wide portfolio ofinspection and measurement hardware including X-ray generators and inspectionsystems. The company supplies both portable and installed radiation protectioninstrumentation for the protection of personnel, the workplace and environmentand Chemical Biological Radiological Nuclear (CBRN) detection equipment.Operating from bases located in the north and south of the UK, JFIMS has thecapability to deliver comprehensive service and support to ensure the maximumvalue is obtained from systems. JFIMS staff can support products throughouttheir lifecycle, from installation and commissioning, warranty support,calibration, planned and breakdown maintenance, spares provision and integratedlogistical support. This information is provided by RNS The company news service from the London Stock Exchange