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Pennon Group PLC (PNN)

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Monday 08 June, 2009

Pennon Group PLC

Acquisition

RNS Number : 4852T
Pennon Group PLC
08 June 2009
 



8 June 2009




PENNON GROUP PLC


PENNON GROUP FURTHER EXPANDS ITS WASTE MANAGEMENT BUSINESS


Pennon Group Plc announces that its subsidiary, Viridor Waste Management ('Viridor'), has acquired the independent resource management company, London Recycling Limited, for a cash consideration of £11.0m. The acquisition is in line with the Group's strategy of expanding its waste management activities.


London Recycling Limited is headquartered in London E16, near West Ham. The business comprises a full range of recycling operations, including a fleet of collection vehicles, waste electrical and electronic equipment ('WEEE') facility, paper processing, confidential destruction, materials recycling facility (MRF) and waste auditing facility. It handles approximately 50,000 tonnes of material per annum.  


Commenting on the acquisition, Colin Drummond, Chief Executive of Viridor said, 'The UK's waste strategies demand ever-increasing levels of recycling. London Recycling has had an excellent track record over recent years in providing essential recycling services to businesses in the Capital. Its innovative and professional approach will fit very well with the Viridor culture. The acquisition has an excellent geographic and business fit with our operations in the South East of England 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 or 

07831 145157


Jo Finely, Investor Relations Manager, Pennon Group on 01392 443401


Sally Hogan, Finsbury on 0207 251 3801





www.pennon-group.co.uk




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