16th Aug 2006 07:00
Keller Group PLC16 August 2006 Wednesday, 16 August 2006 Keller Group plc Acquisition of Piling Contractors Keller Group plc ("Keller" or "the Group"), the international ground engineeringspecialist, today announces that it has acquired Piling Contractors inAustralia. Piling Contractors is Australia's second largest specialist foundationscontractor, with annual sales of around A$50m (£20m) for the year ended 30 June2006. The acquisition will consolidate Keller's position as market leader inAustralia. The total consideration for Piling Contractors comprises an initialamount of A$24m (£9.6m) net of acquired cash, with an additional earn-out of upto A$3m (£1.2m) based on future profits. Piling Contractors has strong links with the civil engineering, infrastructureand mining sectors, in which Keller is currently under-represented. It offerslarge diameter bored piling, driven piling, sheet piling and diaphragm/cut-offwall solutions. By teaming up with Keller Australia's ground engineeringbusiness, which offers complementary systems, it will also be in a position tooffer packaged solutions going forward. Commenting on the acquisition, Justin Atkinson, Chief Executive of Keller, said: "Piling Contractors is a much respected and growing contractor and we aredelighted that its skills and expertise will now be available within Keller. Theacquisition will consolidate our position as foundations market leader inAustralia, enabling us to take full advantage of future opportunities in thisstrong market. "This is one more step forward in our strategy of further consolidation of 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 7575James Hind, Finance Director Smithfield Reg Hoare/Rupert Trefgarne 020 7360 4900 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Keller