3rd Apr 2014 13:26
(An item published at 1355 GMT misstated details of the acquisition due to an error by the issuer. The correct version follows.)
LONDON (Alliance News) - Nature Group PLC said Thursday that it has agreed to acquire the assets of Global Environmental & Marine Services Inc for USD1.7 million via its subsidiary Nature Port Reception Facilities Holdings Ltd.
Nature Group said that the acquisition of the maritime waste management company, which is located in Texas, establishes it in the rapidly evolving oil, gas and maritime market in the area.
Nature Group said that it expects the upcoming implementation of strict regulations regarding waste discharge in the Gulf of Mexico will be a growth driver.
Global Environmental posted a net loss after tax of USD3,194 for 2013.
The acquisition will be held within a new company, Nature Environmental & Marine Services LLC, which will be 65% owned by Nature Group and 45% owned by Global Environment's current owner.
Shares in Nature Group were trading down 4.6% at 22.17 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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