James Fisher sells rail arm in £25.5m deal

MARINE services group James Fisher and Sons has sold its railway technology arm to Japanese engineering group Hitachi for £25.5m.

The Railway Engineering Company (TRE) supplies signaling simulators and automatic routing systems to the rail industry.

Barrow-based James Fisher, which began as a regional shipping firm in 1847 and now operates globally serving a range of sectors such as nuclear and oil and gas, took on the business in 2006 when it acquired Strainstall Group.

It plans to use the cash to pay down debt and acquire new businesses to add to its marine services activities.

James Fisher’s chief executive Nick Henry said: “TRE has been a successful and rapidly growing business during its time with James Fisher.

“Its future prospects will be greatly enhanced by this combination with Hitachi, a large international engineering and railway company. The growth of TRE is a credit to the efforts and expertise of its staff and we wish them every success in the future.”

In October Hitachi has bought the Horizon nuclear project which is to build new power stations in Anglesey and Gloucestershire. It is understood to have paid £700m for the two sites and rights to build new reactors.