8th Jun 2009 07:00
8 June 2009
PENNON GROUP PLC
PENNON GROUP FURTHER EXPANDS ITS WASTE MANAGEMENT BUSINESS
Pennon Group Plc announces that its subsidiary, Viridor Waste Management ("Viridor"), has acquired the independent resource management company, London Recycling Limited, for a cash consideration of £11.0m. The acquisition is in line with the Group's strategy of expanding its waste management activities.
London Recycling Limited is headquartered in London E16, near West Ham. The business comprises a full range of recycling operations, including a fleet of collection vehicles, a waste electrical and electronic equipment ("WEEE") facility, paper processing, confidential destruction, a materials recycling facility (MRF) and a waste auditing facility. It handles approximately 50,000 tonnes of material per annum.
Commenting on the acquisition, Colin Drummond, Chief Executive of Viridor said, "The UK's waste strategies demand ever-increasing levels of recycling. London Recycling has had an excellent track record over recent years in providing essential recycling services to businesses in the Capital. Its innovative and professional approach will fit very well with the Viridor culture. The acquisition has an excellent geographic and business fit with our operations in the South East of England and is expected to be earnings enhancing before amortisation of intangibles in its first full year."
For further information please contact :
Colin Drummond, Chief Executive, Viridor Limited on 01823 721435 or
07831 145157
Jo Finely, Investor Relations Manager, Pennon Group on 01392 443401
Sally Hogan, Finsbury on 0207 251 3801
www.pennon-group.co.uk
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