MB Aerospace sells nuclear arm in £5.25m deal

MB AEROSPACE, the firm which was bought out of engineering company Motherwell Bridge, has sold its nuclear division to FTSE-250 group James Fisher & Sons in a deal worth £5.25 million.

The disposal of MB Faber will enable the Lanarkshire-based aerospace firm to focus on its core business of supply chain management, and the manufacture of aero-engine components and defence launch systems.

MB Aerospace and Lancashire-based MB Faber were folded into new company, MB Aerospace Holdings, as part of a management buy-out led by chief executive Craig Gallagher and finance director Gordon Kerr in April last year.

Marine services group James Fisher said it had bought MB Faber, which is based in Leyland and has operations close to the Sellafield nuclear site in Cumbria, to strengthen its nuclear decommissioning business.

Gallagher said his firm had been experiencing growth in all key areas in 2009 and despite the challenging economic climate the prospects remained "extremely encouraging". He added: "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.

"We have recently extended our current order book with Boeing Integrated Defence Systems and recruited new personnel."