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Hitachi Europe is to acquire Wiltshire-based The Railway Engineering Company Ltd (TRE) in a deal worth £25.5m. The business, which is based in Bradford on Avon, is being sold by James Fisher and Sons.
TRE supplies signaling simulators and automatic routing systems for use on the railway networks and was acquired by James Fisher and Sons in October 2006 when the business purchased Strainstall Group Ltd.
TRE, which also has an office in Plymouth, reported a pre-tax profit of £2m for the year to 31 December 2011. The business had net assets of £2.1m and gross assets of £4.1m on 30 June 2012.
James Fisher and Sons said the proceeds are the sale will be used to reduce its borrowings, for further investments and for potential acquisitions for its marine services divisions.
Nick Henry, John Fisher and Sons chief executive, 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.”
Earlier this year, Hitachi Ltd acquired Gloucestershire-based Horizon Nuclear Power including its site in Oldbury.
The acquisition of TRE is expected to complete on 31 December.