4th Apr 2006 07:01
Homeserve Plc04 April 2006 Homeserve Acquires Glazing Division of Pilkington Building Products Homeserve plc today announces that it has agreed terms with Pilkington UnitedKingdom Limited to acquire the business and assets of the Glazing Division ofPilkington Building Products ('Pilkington Glazing') for a cash consideration of£6.5 million on a debt free and cash free basis. The acquisition is expected tocomplete on 21st April 2006. Pilkington Glazing is a nationwide domestic and commercial glazing repairbusiness operating from seven regional branches across England and Walesemploying 113 people, including 44 glaziers. In addition the business operatesan extensive nationwide subcontractor network.For the year ended 31st March 2005, Pilkington Glazing reported profit beforetax of £0.9 million on turnover of £15.2 million. Pilkington Glazing's customer base is complementary to that of Homeserve'sexisting Glass and Locks business. The acquisition builds on Homeserve'soffering adding a proven commercial glazing capability and provides access to ahigh quality subcontractor network. Ian Carlisle, CEO of Homeserve Emergency Services commented: "The acquisition presents an exciting opportunity for the development of ourglass and locks business allowing us to offer our customers a market leadingcommercial glazing solution." 4th April 2006 Enquiries: Homeserve plc Andrew Belk, Group Finance Director Tel: 01922 427903Brian Whitty, Chairman Tulchan Andrew Honnor Tel: 020 7353 4200Stephen Malthouse This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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