Acquisition

RNS Number : 0136M

Kier Group PLC

17 May 2010

 



KIER GROUP plc

ACQUISITION OF PURE RECYCLING WARWICK LIMITED AND PURE BUILDINGS LIMITED

Kier Group plc has completed the acquisition of the entire issued share capital of Pure Recycling Warwick Limited ("Pure Recycling") from Pure Recycling Co Limited and the entire issued share capital of Pure Buildings Limited ("Pure Buildings") from Nicholas Spencer and Jodie Spencer.  The aggregate consideration for the acquisitions is £2.0 million, which is payable immediately, and a further maximum of £5.1 million, which is contingent.  The consideration is to be satisfied in cash.

Pure Recycling and Pure Buildings own a materials recycling facility (the "MRF") at Ettington in Warwickshire.  The MRF, which is under construction and is currently due for completion in March 2011, will be one of the largest MRFs in the UK and will be able to process a minimum of 25 tonnes of recycled waste per hour.

Kier Group plc Chief Executive, Paul Sheffield said: "We are delighted with the acquisitions which strengthen Kier's waste management and recycling business and will leave the Group well placed to take advantage of future market growth in the sector.  In particular, we look forward to working closely with Local Authorities and Councils to help them to achieve their recycling targets."

 

END

 

 

ACQEDLBFBEFXBBK