21st Apr 2008 13:59
Babcock International Group PLC21 April 2008 Babcock International PLC 21 April 2008 Acquisition of Weir Strachan & Henshaw Babcock International Group PLC ("Babcock"), the engineering support servicescompany, today announces it has acquired Weir Strachan & Henshaw ("S&H") fromThe Weir Group PLC for a net cash consideration of £65 million. S&H is a leading specialist engineering design, project manager and provider ofthrough-life support for the defence and nuclear industries, with locations inthe United Kingdom, Australia, Canada and the United States. S&H is also aprincipal service provider for the Canadian submarine fleet. Babcock is a leading provider of support to the Royal Navy's submarine andsurface ship fleet. The acquisition will further strengthen Babcock's Marinedivision, extending its range of marine support services through S&H's expertisein weapons handling and launch systems. The acquisition will also provide anopportunity for Babcock to enhance its geographic and customer footprint. In the nuclear sector, S&H has expertise in fuel handling and decommissioningand waste handling services. The acquisition will complement Babcock's existingnuclear service capability and enhance its position as a major UK supplier ofengineering support services in key areas of this expanding marketplace. In the financial year ended 31 December 2007, S&H generated gross revenues of£51.8 million. Peter Rogers, Chief Executive of Babcock said: "The acquisition of S&H enables us to further expand in two of our key markets -Marine and Nuclear. In Marine, the combination of our existing expertise insubmarine support with that of S&H makes us well-placed to build strongly on theinternational presence that S&H has already established. In both markets theacquisition will extend our range of services to customers, thereby opening upnew growth opportunities." For further enquiries, please contact: Babcock International Group PLC Tel: +44 (0) 20 7291 5000Peter RogersBill TameTerri Wright Financial Dynamics (PR for Babcock) Tel: +44 (0) 20 7269 7121Andrew LorenzRichard MountainSophie Kernon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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