18th Apr 2018 09:01
LONDON (Alliance News) - Bunzl PLC said Wednesday that trading was in line with expectations in the first quarter, and the company made two further acquisition during the three months.
The distribution and outsourcing company also said Patrick Larmon, executive director & chief executive of North America, will retire at the end of 2018. He will be succeeded by James McCool, who currently serves as finance head of the North America business. McCool will become chief executive designate of Bunzl North America on May 1.
Bunzl has purchased Monte Package Co, which is based in US state of Michigan and Netherlands-based QS Nederland.
Monte Package distributes packaging products and recorded revenue of USD58 million in 2017. QS Nederland, which recorded revenue of EUR6 million in 2017, provides hygiene solution services primarily for washrooms.
"The purchase of Monte has further enhanced our business in North America serving the agriculture sector while the acquisition of QS complements and extends our existing cleaning & hygiene supplies business in the Netherlands. We are pleased to welcome the employees of both businesses to the group." Chief Executive Frank van Zanten.
For the first quarter of 2018, Bunzl recorded 7% growth in revenue at actual exchange rates. At constant exchange rates, revenue rose 14% compared to the same period last year, due to underlying growth of 6% and an impact from acquisitions of 8%. The underlying revenue growth, which is principally due to the additional grocery business won in North America, is expected to return to more normal levels during the remainder of the year as the additional business in North America has now been fully absorbed.
Shares in Bunzl were trading 1.3% lower at 2,107.00 pence.
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