15th Apr 2015 06:16
LONDON (Alliance News) - Bunzl PLC Wednesday said revenue rose 6% in the first quarter of 2015 from a year earlier, buoyed mainly by acquisitions as it also said it has bought a personal protection equipment company in Turkey.
The acquisitive distribution and outsourcing company said underlying revenue was up 2% in the three months to end-March, with the remainder of the revenue growth coming from acquisitions.
It said it has agreed to buy Istanbul Ticaret Hirdavat Sanayi AS and its related company Istanbul Ticaret Is Guvenligi ve Endüstriyel Ürünler Sanayi AS in its latest deal. It didn't say how much it is paying for the Istanbul-based business, which made revenue of TRY94.0 million in 2014. It expects the deal to complete at the end of May as long as it is cleared by the Turkish competition regulator.
The news came as Bunzl completed its previously announced deals to buy Canadian cleaning supplies businesses Maska Inc and Prescott SM Inc, as well as the acquisition of Dutch packaging materials distributor Janssen Packaging.
"The acquisition of Istanbul Ticaret is an exciting development for us as it represents our first acquisition in Turkey which is an important G20 economy which has grown steadily over recent years. The business has a broad range of both branded and own brand products and an excellent reputation for quality and service. It will provide a good platform from which to develop a significant business in Turkey," Bunzl Chief Executive Michael Roney said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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