MB AEROSPACE HOLDINGS COMPLETES SALE OF NUCLEAR SUBSIDIARY18 Aug 2009
MB Aerospace Holdings Limited has announced that it has completed the sale of its nuclear division MB Faber to the engineering and FTSE 250 company James Fisher & Sons Plc.
The acquisition was completed on Monday 17th August 2009 and the deal will enable the Lanarkshire-based aerospace firm to concentrate on its core business of supply chain management, and the manufacture of aero-engine components and defence launch systems.
In November 2008, MB Faber itself completed the acquisition of a nuclear engineering design company Remac Ltd which is headquartered in Egremont, Cumbria.
Craig Gallagher, chief executive officer of MB Aerospace Holdings Ltd, said: "The sale of our nuclear subsidiary is a key milestone for MB Aerospace Holdings and the transaction represents very good value for us. It comes at a time when we are actively seeking to support the growth of our aerospace business and we are now able to move forward with our plans for growth and MB Faber will undoubtedly benefit from being part of a larger, more nuclear focused parent company such as James Fisher & Sons Plc.
"Over the course of the past 18 months, under the direction of managing director Derek May, MB Faber has built up a robust UK-based business. In June 2008 it became one of a small number of mechanical and electrical engineering design companies to be awarded Sellafield Ltd's new Task Design House Framework Agreements.
"This, coupled with its acquisition of Remac, means that James Fisher & Sons is inheriting a well-established nuclear company that can provide it with access to new markets, techniques and technology in a sector where there has traditionally been skills shortages in electrical and mechanical engineering design capabilities. As the UK Government addresses the new build requirements for the next generation of nuclear power stations, there are also likely to be several opportunities that MB Faber can now realise as part of a much larger organisation.
"As for MB Aerospace, we have been experiencing growth in all the major areas of the business throughout 2009 and despite the challenging economic climate, the prospects for the company remain extremely encouraging.
"We have recently extended our current order book with Boeing Integrated Defence Systems and recruited a number of new personnel for our new office in Derby, which supports our work with Rolls-Royce plc with whom we have a long-standing relationship."
Tim Harris, Chairman of James Fisher and Sons plc, added: "Faber will strengthen our nuclear decommissioning team and business which has been performing strongly in recent times".
Established in 1988 and with a turnover of £7 million in 2008, MB Faber currently employs over 120 highly-skilled, specialist nuclear engineers. With offices in Leyland and Cumbria in the north west of England, MB Faber specialises in the design of nuclear mechanical handling plant and equipment, and the design and installation of plant control systems. Within the aerospace industry, MB Faber provides design services and supply of tooling, ground support handling equipment and test rigs.