28th Aug 2018 11:51
LONDON (Alliance News) - Marlowe PLC on Tuesday said it bought Suez Water Conditioning Services Ltd, including assets of Marral Chemicals Ltd and Sentinel Water Ltd, for GBP4.5 million.
The investment company said the acquisition will extend the scale and breadth of its activities in the UK water treatment market.
Suez employs 170 staff and provides water treatment and hygiene services as well as produces certain chemicals used in water treatment applications.
For the year to the end of December, Suez generated revenue of GBP13.2 million and earnings before interest, taxes, depreciation, and amortization of GBP700,000.
"Suez broadens the scope of our water treatment activities and offers attractive synergies with our existing businesses which we are confident will drive increased returns for Marlowe's shareholders," said Chief Executive Alex Dacre.
Shares in Marlowe were trading 3.0% higher on Tuesday at 519.90 pence each.
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