James Fisher and Sons Plc (FSJ.L) Thursday announced an agreement to sell The Railway Engineering Co. Ltd., or TRE, to Hitachi Europe Ltd. for a consideration of 25.5 million pounds in cash.
TRE was earlier a subsidiary of Strainstall Group Ltd. and was acquired by James Fisher and Sons, in October 2006.
The company intends to use the proceeds from the sale reduce borrowings and facilitate further investments and acquisitions into the Group's marine service divisions.
The transaction is expected to complete on 31st December 2012.
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