18th Mar 2014 12:01
LONDON (Alliance News) - James Fisher & Sons PLC Tuesday said it has acquired Defence Consulting Europe AB in a deal worth up to GBP5.6 million.
In a statement, the marine services business said it had paid GBP3.7 million in cash for Defence Consulting.
A further GBP1.9 million could be paid depending on whether certain turnover and profit targets are met for the period up to June 2016.
Defense Consulting provides a range of specialist swimmer delivery vehicles which James Fisher said are complementary to those developed by James Fisher Defence.
Defense Consulting was established by Fredrik Hillelsson in 1997 and is based in Sweden.
"James Fisher Defence has been working in partnership with DCE in recent years to develop the market for swimmer delivery vehicles around the world. There is a close fit between the two companies and the acquisition broadens our product and service offering," Nick Henry, chief executive, said in a statement.
James Fisher shares were Tuesday quoted at 1,530.00 pence, down 0.3%.
By Samuel Agini; [email protected]; @samuelagini
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