Cammell Laird expands again

Subject to shareholder agreement, Cammell Laird Holdings is to buy ALB Holdings, owner of the Wear Dockyard Group, for a total consideration of £32.68 million ($54.68 million).

The Wear Dockyard Group operates four drydocks in the North East of England, situated on the Tyne, the Tees and the Wear, and has a short term lease on part of the Pallion shipyard where it carries out fabrication work. It has specialised in shiprepair and conversion, with a turnover of £44.03 million ($73.67 million) in the year to March 31 1998. Profit for the period was £161,000 ($269,385 million) before tax.

The acquisition will give Cammell Laird access to shipping in the North Sea region, and increase the Group`s critical mass, allowing it to undertake larger projects in the offshore market. It also provides an additional pool of skilled labour, and new opportunities for the Group`s marine technical and electrical divisions, explained Cammell Laird directors.