9th Jan 2008 08:00
Speedy Hire PLC09 January 2008 9 January 2008 Speedy Hire Plc ("Speedy Hire," or "Speedy") Acquisition of AMEC Logistics and Support Services Speedy Hire announces that it has strengthened its association with AMEC plcthrough the acquisition of the tool and equipment hire business of AMECLogistics and Support Services Limited ('LSS'). LSS is AMEC's single point ofsupply for the provision of hire assets including tools, lifting equipment,general plant, temporary accommodation units and survey equipment. LSS operates from 10 UK depots and has approximately 250 full time employees.Upon successful completion of the consultation process with employeerepresentatives these employees would transfer to Speedy. Total consideration payable in cash will be £12.5 million. Working capital,cash, and debt are not being acquired with the assets. Completion is expectedto take place on 1 February 2008. As part of the transaction, AMEC's Industrial division has entered into a fouryear exclusive supply agreement with Speedy to provide for hire a wide range ofequipment in a variety of industrial related sectors. A preferred supplieragreement has also been established for other UK AMEC divisions. Steve Corcoran, Chief Executive said: "We are very pleased to have acquired the LSS business which will furtherenhance our already strong relationship with AMEC. The securing of a four yeartrading agreement will enable both organisations to maximise supply chainopportunities whilst assisting AMEC in its drive for operational excellence inthe key areas of health and safety compliance and quality assurance. We are also pleased to welcome those employees who will be joining Speedy as aresult of the acquisition." www.speedyhire.plc.uk For further information: Speedy Hire Plc Hudson SandlerMike McGrath, Commercial Director Nick Lyon / Wendy Baker / Kate HoughTel: 01942 720 000 Tel: 020 7796 4133 Notes to editors: Speedy Hire Plc Speedy is the UK's No.1 provider of tools and equipment for hire. The Companyoperates from over 500 depots throughout the UK. The Group also operates in theRepublic of Ireland. The Group's activities are the provision for hire of small tools, portableaccommodation, compressed air, pumps, lifting, material handling, survey andmeasurement instrumentation and power generation equipment. AMEC plc AMEC plc is a focused supplier of high-value consultancy, engineering, andproject management services to the world's energy, power and process industries.With annual revenues of over £2.2 billion, AMEC designs, delivers and maintainsstrategic and complex assets for its customers. AMEC's Natural Resources, Powerand Process and Earth and Environmental businesses employ approximately 19,000people in more than 25 countries globally. AMEC shares are traded on the LondonStock Exchange where the company is listed in the Oil Equipment and Servicessector (LSE: AMEC.L). Internet users will be able to view this announcement, together with otherinformation about AMEC plc, at the company's web site www.amec.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Speedy HireAMFW.L