29th Jun 2016 06:43
LONDON (Alliance News) - Distribution and outsourcing group Bunzl PLC on Wednesday said trading in the first half of 2016 has been in line with its expectations as it made two new acquisitions.
The FTSE 100-listed company said revenue for the first half of 2016 is set to be up by around 9.0%, driven largely by acquisitions the company has made. Stripping out the acquisition contributions, underlying revenue is seen broadly flat year-on-year.
Bunzl continued on its acquisition drive on Wednesday with a deal to buy The Classic Printed Bag Co Ltd, based in Christchurch, England. The company makes bespoke retail packaging for non-food retailers in the UK, Hong Kong and elsewhere in Europe.
Bunzl also said it has acquired Polaris Chemicals SPRL, a cleaning and hygiene supplies distributor based near Brussels, Belgium.
No financial details on the two acquisitions were provided. The company has acquired five businesses so far this year for a total of around GBP80.0 million, it said.
"The acquisition of Classic Bag complements our existing retail supplies business in the UK, enhances our customer base and extends our presence in this market in Hong Kong. The purchase of Polaris has brought additional scale to our cleaning & hygiene supplies business in Belgium and further expands our product offering," said Bunzl Chief Executive Frank van Zanten.
By Sam Unsted; [email protected]; @SamUAtAlliance
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