James Fisher buys wind turbine installer for up to £6.5m

Marine engineer James Fisher & Sons has bought wind turbine installer Rotos360 for up to £6.5m.

The FTSE 250 company paid £1.5m in cash upfront and will pay a further £5m depending on Rotos360 achieving certain profit targets until the end of 2019.

The acquisition would complement Fisher’s existing work in offshore renewables and would help in its construction of the Galloper wind farm on the coast of Suffolk.

Rotos360, which repairs and reconditions wind farm rotor blades, was created in 2013 as part of a government-funded research project to reduce operation and maintenance costs of offshore wind turbines.

Fisher chief executive Nick Henry said that Rotos360 would further broadening the company's "offering in the growing offshore wind farm sector".