VT Group acquires British Nuclear Group Project Services
As interest in nuclear power revives, nuclear-power related services enjoy another look from investors and businesses
Southampton-based defense and support services company VT Group has agreed to acquire nuclear services specialists British Nuclear Group Project Services from British Nuclear Group.
The acquisition, scheduled to complete next month, is worth £45 million, but could increase by up to another £30 million depending on the company’s profitability. Project Services provides nuclear decommissioning services in the United Kingdom and overseas and posted a turnover of £86.9 million in the financial year to March 2007. VT said the business will complement its existing skills in critical services engineering and project management, and will further expand the group’s support services capability in line with its strategy to develop activities in new support areas.
VT Group chief executive Paul Lester said: “Project Services is highly regarded as a leading provider of nuclear decommissioning and waste treatment engineering services. The acquisition provides VT with entry to a new market where our core competencies in engineering services and the management of critical assets for government customers are well suited.”
