Mill buys German robot firm for nuclear work
Feb 25 2009 by Graeme King, The Journal
The deal is being financed by new funding from the Royal Bank of Scotland and the group’s present bank facilities. Carrs MSM’s main business is supplying remote handling equipment to the nuclear industry and research establishments, and both that business and the new acquisition are suppliers to British Nuclear Group.
Carr’s Milling Industries finance director Ron Wood said: “We have been discussing this deal for quite a few months. We’ve got support from the Royal Bank of Scotland, and the acquisition complements our existing engineering business, which is currently the smallest of our three divisions.
“We already have the Carrs MSM business in Swindon and this new company is larger in the range of manipulators and handling equipment it builds. There is good potential for the nuclear market in Germany, Russia and Japan. It’s quite encouraging, the number of inquiries that are ongoing.”
Mr Wood said he strongly believed the nuclear energy market needed to expand in the UK to meet demand for power.
He said: “The nuclear energy market has to grow. We have to take the decision to grow it. There are currently 28 plants being built worldwide and none of them are in the UK. We’ve already seen what happens when we are short of gas.”
Mr Wood said the US accounted for 24% of nuclear power production in the world, France has 14% and Japan 13% while the UK produces only 4%.
Shares in Carr’s Milling remained unchanged yesterday at 460p.
