7th Apr 2008 07:01
Shanks Group PLC07 April 2008 Shanks Group plc: €13 million acquisition of Belgian Group, Foronex 7 April 2008 Shanks Group plc, a leading European waste management company, has todayannounced the acquisition of several companies which together constitute theForonex Group. The companies have been acquired from Mr Joos Wemel and othermembers of his family for a cash consideration of €13m (€23m gross of net debtacquired). Foronex is a leading player in the wood waste and by-products market in theBenelux handling approximately 0.9 million tonnes per annum. The principalsources of inputs are the timber and waste management industries. The majoroutlets for these products are to the board manufacturers and increasingly thesupply of biomass for green energy production. Foronex employs some 250 peopleand runs approximately 200 trucks. Commenting on the transaction, Shanks Group plc Group Chief Executive, Tom Drurysaid: 'We are delighted with this acquisition which better positions the Groupto take advantage of the converging waste and energy markets, an increasinglyimportant component of modern waste management. It also provides furtherintegration in the supply chain for waste wood, a major output from ourrecycling centres in both the Benelux and the UK.' For further information contact: Tom Drury, Group Chief ExecutiveFraser Welham, Group Finance DirectorShanks Group plcTelephone +44 (0) 1628 554920 Ginny Pulbrook, Executive DirectorCitigate Dewe RogersonTelephone +44 (0) 207 282 2945 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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