Construction News

23/08/2007

Fermanagh Steel Company Sold For £90m

A Fermanagh-based steel fabricator company is to be sold to a British firm for £90 million.

North Yorkshire company Severfield-Rown PLC has agreed to buy Fisher Engineering, which is owned by brothers Ernie and Ivan Fisher.

Severfield-Rowan is expected to improve Fisher’s revenue and profit performance.

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The Fisher’s are expected to be the biggest beneficiaries of the transaction, with a share of £60 million, according to reports from the Irish Times.

The company is also involved in making structures for Terminal 5 at Heathrow Airport and Wimbeldon tennis club’s new court.

The acquisition will cost Severfield-Rowen £23.5 million, including the assumption by the company of a term loan of around £8.6 million, of which £14.9 million will be in cash.

(JM/SP)

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