Information  X 
Enter a valid email address

Pennon Group PLC (PNN)

  Print      Mail a friend       Annual reports

Tuesday 25 March, 2008

Pennon Group PLC


Pennon Group PLC
25 March 2008


25 March 2008


Pennon Group Plc announces that its subsidiary, Viridor Waste Management
Limited, has acquired Shore Recycling Ltd ('Shore'), a leading UK waste
electrical and electronic equipment ('WEEE') recycling company, for a cash
consideration of £23m (debt free) from Messrs S M Howie, M A Todd and T H M
Liddell.  The acquisition is in line with the Group's strategy of expanding its
waste management activities.

Shore is headquartered in Perth, Scotland, and has recycling facilities in
Perth, Manchester and St Helens, along with an associated collection fleet.
With the UK's recent implementation of the European Union's WEEE Directive, WEEE
recycling is expected to grow fast.  The company handles a full range of WEEE
and benefits from modern purpose built recycling equipment.  It has an excellent
fit with Viridor's existing operations in the North West of England and in

Commenting on the acquisition, Colin Drummond, Chief Executive of Viridor said,
'The UK's waste strategy demands ever increasing levels of recycling,
particularly now in the area of waste electrical and electronic equipment.
Shore has an excellent track record in leading the way in this market in the
North of the UK and is well placed to capitalise on this opportunity.  The
acquisition has an excellent geographic and business fit with Viridor's existing
operations and is expected to be earnings enhancing before amortisation of
intangibles in its first full year.'

For further information please contact:

Colin Drummond, Chief Executive, Viridor Limited on 01823 721435
Jo Finely, Investor Relations Manager, Pennon Group on 07785 904763
Mark Harris or Sally Hogan, Finsbury on 020 7251 3801

25 March 2008
End transmission

                      This information is provided by RNS
            The company news service from the London Stock Exchange