James Fisher buys MB Faber

18th Aug 2009 07:30

Marine services group James Fisher said it has bought MB Faber, which provides specialist electrical and engineering services to the nuclear and aerospace industries, for up to £5.25m in cash. The consideration consists of £4m net of cash payable on completion with up to a further £1.25m in March 2010, provided the EBITDA for the year ended 31 December, exceeds £1.225m.Faber will be integrated with James Fisher's existing nuclear decommissioning business, James Fisher Nuclear (JFN) which designs and builds remote handling devices for nuclear decommissioning. Its turnover in 2008 was £6.8m with an EBITDA of £522,000 (after adjustment for nonrecurring items) and depreciation charge of £114,000. At 31 December 2008 it had net assets of £1.2m.'Faber will strengthen our nuclear decommissioning team and business which has been performing strongly in recent times,' said chairman Tim Harris.