Ricardo Acquires Lloyd's Register Rail

RNS Number : 8597R

Ricardo PLC

01 July 2015

 

1 July 2015

Ricardo plc

("Ricardo" or the "Group")

RICARDO ACQUIRES LLOYD'S REGISTER RAIL

Ricardo plc ("Ricardo") a market leading engineering and consulting company announces today that, further to the statement on 17 April 2015, the transfer of Lloyd's Register Rail ("LR Rail") from Lloyd's Register Group Limited to Ricardo is materially complete, for a consideration of £42.5m, subject to any adjustments for working capital. As expected, Ricardo is waiting for the approval from the Chinese Government for the acquisition of the small rail joint venture part owned by Lloyd's Register Group in China.  This process is expected to take a further three months.

The Board of Ricardo plc is therefore pleased to confirm today the launch of Ricardo Rail. In accordance with the announcement on 17 April 2015, the business will combine LR Rail with Ricardo's existing rail industry expertise and will operate as the core of a new international rail business within Ricardo plc.

 

Further enquiries:
Ricardo plc	Tel: [phone]
Dave Shemmans, Chief Executive Officer Ian Gibson, Chief Financial Officer Website: www.ricardo.com
Newgate Communications Fergus Wylie / Madeleine Palmstierna / Edward Treadwell	Tel: [phone] [e-mail]

 

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