26th Nov 2015 08:34
LONDON (Alliance News) - Infrastructure products and galvanising services company Hill & Smith Holdings PLC on Thursday said it has acquired Premier Galvanizing Ltd for GBP15.5 million in cash.
Premier owns two galvanising plants near Hull and Corby in England, areas not covered by Hill & Smith's current network. It posted pretax profit of GBP2.3 million for the year to the end of March 2015, on GBP8.3 million in revenue.
Hill & Smith expects the deal to be earnings enhancing in the first full-year of ownership following the purchase.
"Premier has an excellent reputation for quality and service in its local areas and will now be able to enhance its service offering to galvanise longer structural products. We are excited to welcome Premier to the group," said Derek Muir, Hill & Smith's chief executive.
Hill & Smith shares were up 0.7% to 694.545 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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