Acquisition

RNS Number : 2172O

Pennon Group PLC

09 October 2012

 

9 October 2012

Pennon Group Expands its Waste Management Business

Pennon Group Plc announces that its subsidiary, Viridor Waste Management Limited, has acquired Pulp Friction Limited, a paper collection and processing business based in Erith, Kent, and the business, assets and goodwill of a related business, SBS Paper LLP, for a total consideration of £9.0m (£8.6m cash plus acquired net debt). The acquired business processes around 100,000 tonnes of paper and card per annum.

Commenting on the acquisition, Colin Drummond, Chief Executive of Viridor said:

"The acquisition of this paper collection and processing business is in line with the Group's strategy of expanding its waste management activities, particularly in collection and recycling.  The acquisition is expected to be earnings enhancing in its first full year of operation."

For further details please contact:

Andrew Kirkman, Finance Director, Viridor, on 01823 721433
Jo Finely, Investor Relations Manager, Pennon Group, on 01392 443401

Sara Evans, RLM Finsbury, on 020 7251 3801

Further information on Pennon Group and Viridor can be found on pennon-group.co.uk and viridor.co.uk

 

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