3rd Jul 2007 07:01
Cosalt PLC03 July 2007 Cosalt plc("Cosalt" or the "Group") Acquisition of Marine Safety business Cosalt, which is implementing a growth strategy centred on making the Group theleading European provider of personal safety and protection services andequipment, announces that it has acquired a 100% interest in Marine SafetySystems ("SSM"), based in Barcelona, Spain for a consideration of €3 millionpayable in cash. SSM is involved in the supply, maintenance and testing of marine safetyequipment and is based in Barcelona, one of the fastest growing cargo and cruiseship ports in Europe. The business had annual turnover of • 3.8 million in thefinancial year ended 31 December 2006, with profits before tax of €367,000.Gross assets of the business as at 31 December 2006 were €1.4 million. The acquisition adds to Cosalt's existing European port network which includesItaly, Germany, Holland, Belgium and the UK and strengthens its position as theleading marine safety servicing business in the EU. The business will be fullyintegrated with Cosalt's existing Marine Safety Division. Per Jonsson, Chief Executive of Cosalt, commented: "Following the acquisition of Bofort last year, this is another strategicallyimportant acquisition which extends our European footprint and gives us accessto the rapidly expanding cargo and cruise ship market. The marine safetyindustry has benefited substantially in recent years from increasing safetyregulation, a trend which is expected to continue. It is also highlyfragmented, giving us an opportunity to explore further complementaryacquisition opportunities." 3 July 2007 Enquiries: Cosalt plc Tel: 01472 504504Per JonssonNeil Carrick College Hill Tel: 020 7457 2020Mark GarrawayMatthew Gregorowski This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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