Renew acquires NDT specialist TIS Cumbria

Engineering services group Renew has acquired nuclear manufacturing and fabrication specialist TIS Cumbria for £4.7m in cash.

Renew said on Friday that the acquisition would enhance its nuclear services offering by immediately doubling manufacturing capacity and strengthening its position in the growing nuclear decommissioning and new build markets.

The AIM-listed group said the acquisition will be funded from existing cash resources and added that there was no deferred consideration payable for the transaction.

Chief executive Paul Scott said: "This acquisition will allow Renew to continue to support its existing clients and take advantage of increasing demand across the decommissioning and new nuclear build programmes. The added manufacturing capacity will allow Renew to better support its existing clients, as well as strengthening its broader market position.

"TIS represents an excellent strategic fit with our existing multidisciplinary nuclear capability, which offers attractive long term structural growth opportunities underpinned by highly visible committed regulatory spend in a sector that we know extremely well. I am delighted to welcome the management and staff of TIS to the Renew family."

Reporting by Iain Gilbert at Sharecast.com