Nico acquires FMS industrial division

DUBAI - Dubai-based Nico International, the ship repair division of Topaz Energy and Marine, has acquired the Industrial and Marine Engineering Division of Fujairah Marine Services & Trading Co. (FMS).

By A Staff Reporter

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Published: Thu 9 Dec 2004, 12:43 PM

Last updated: Thu 2 Apr 2015, 11:46 AM

The $2 million acquisition was announced yesterday in Dubai at the Seatrade Middle East Maritime exhibition. The merger is expected quadruple Nico's current Port of Fujairah capabilities. Currently, the ship repair business in the UAE is valued in the range of Dh300 to 500 million.

To date, Nico International has been operating out of Dubai with a diving base in the Port of Fujairah. “Under this deal, Nico International will absorb the current management, assets and capabilities of the FMS Industrial and Marine Engineering Division and will merge them into the overall Nico International resource base,” said Fazel Fazelbhoy, General Manager, Nico International.

Nico will operate this enhanced service centre at the existing FMS location within the Port of Fujairah and will consolidate its current Nico Fujairah Hydrospace activities to emerge as the leading ship repair company on the east coast.

While Nico will take the lead in terms of ownership and management of the new marine and industrial engineering enterprise, FMS will continue to independently manage and operate its remaining activities. “These will include our ship agency, fender and antipollution and diving services divisions,” said John Kilakos, General Manager, FMS. “We will also co-operate with Nico International in areas of marketing, industrial engineering and ship building projects.

Both Nico and FMS say the alliance will provide a seamless well-integrated customer marketing approach. "We will be able to deliver a faster response for afloat and workshop services with over 100 skilled personnel joining Nico's existing 450 plus workforce,” said Fazelbhoy. As part of the acquisition Nico will take over more than 100 employees and the management team of these divisions.

Meanwhile FMS said it will enter ship-building and expand the industrial engineering business based in Fujairah. Nico has plans to enhance the already impressive FMS mechanical workshop and steel fabrication facilities in Fujairah.

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