5th Dec 2007 07:01
Pennon Group PLC05 December 2007 5 December 2007 Pennon Group Expands its Waste Management Business Pennon Group Plc announces that its subsidiary, Viridor Waste ManagementLimited, has acquired Grosvenor Waste Management Ltd ('Grosvenor'), a leading UKmaterials recycling company for a cash consideration of £79.5m (plus debt of£1.5m). The acquisition is in line with the Group's strategy of expanding itswaste management activities. Grosvenor is headquartered in Crayford, Kent. It comprises a MaterialsRecycling Facility (MRF) at Crayford which is the largest in the UK and one ofthe most technologically advanced; a MRF operated on behalf of Peterborough CityCouncil; associated industrial and commercial collection activities; and anextensive recyclate sales network both in the UK and overseas. It handlesapproximately 500,000 tonnes of material per annum. Commenting on the acquisition, Colin Drummond, Chief Executive of Viridor said,"The UK's waste strategy demands ever increasing levels of recycling. Grosvenorhas an excellent track record in leading the way in the recycling market and iswell placed to capitalise on this opportunity. The acquisition has an excellentgeographic and business fit with Viridor's existing operations and is expectedto be earnings enhancing before amortisation of intangibles in its first fullyear." 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 07785 904763 5 December 2007 www.viridor-waste.co.uk www.pennon-group.co.uk End transmission This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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