16th Apr 2007 07:01
Keller Group PLC16 April 2007 For immediate release Monday, 16 April 2007 Keller Group plc Acquisition of Systems Geotechnique Keller Group plc ("Keller" or "the Group"), the international ground engineeringspecialist, today announces the purchase of Systems Geotechnique Limited. Thetotal consideration comprises an initial amount of approximately £7m payable incash from Keller's existing resources plus £1.5m of assumed debt, with a cashearn-out based on future profits. Systems Geotechnique is a specialist contractor offering drilling and groutingservices to the UK construction market. With annual sales of around £17m in theyear ended 30 November 2006, it is the market leader in restricted access pilingsystems and enjoys a high profile in the small bore drilling sector generally.Systems Geotechnique was founded in 1999, has bases in Lancashire and Hampshireand employs over 100 staff. The acquisition will enable Keller to establish a strong market lead in drillingand grouting services in the UK and to extend its range of problem-solvingtechniques. It follows the acquisition last year in the UK of Phi, a specialistcontractor offering slope and excavation retaining wall systems. Commenting on the acquisition, Justin Atkinson, Chief Executive of Keller, said: "We are pleased to have completed this purchase of Systems Geotechnique, whichrepresents an excellent strategic fit with our existing UK ground engineeringbusiness. "Systems Geotechnique brings considerable strength in terms of its people,equipment, design and construct know-how and customer relationships. In return,the Group offers strong financing, systems and controls within a supportiveculture, which will enable this growing business to continue to develop. "This purchase marks further progress in our strategy of consolidating ourglobal leadership in specialist ground engineering services, through acombination of organic growth and targeted acquisitions." For further information, please contact: Keller Group plcJustin Atkinson, Chief Executive 020 7616 7576James Hind, Finance Director Smithfield 020 7360 4900Reg Hoare/Will Henderson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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