9th Nov 2020 08:29
(Alliance News) - Bunzl PLC on Monday said it has signed an agreement to purchase SP Equipamentos, a personal protection equipment distributor based in Sao Paulo, Brazil.
SP Equipamentos, which supplies safety products to customers across a number of markets including the mining, steel, construction and agriculture sectors, generated revenue of BRL143 million - around GBP20.2 million - in 2019, Bunzl said.
The FTSE 100-listed distribution and services firm added it has now completed the acquisition of protective gear products provider ICM. The acquisition of the Denmark-based company was first announced in February. In 2019, ICM generated revenue of DKK410 million, around GBP49.6 million.
"These two acquisitions will further expand and develop our safety businesses in Brazil and Denmark, complementing our product offering and broadening our customer base in both markets. Growth through acquisitions continues to be an important part of the strategy of the group and I am pleased that year to date our committed acquisition spend totals more than GBP400 million. Our acquisition pipeline remains promising with a number of discussions ongoing," said Chief Executive Frank van Zanten.
Shares in Bunzl were trading 1.9% higher at 2,600.00 pence each early Monday morning in London.
By Ife Taiwo; [email protected]
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