17th Jun 2008 07:00
17 June 2008
Pan Pacific Aggregates PLC ("PPA")
"Pumptown Increases Production"
Further to the successful acquisition of Pumptown Quarry Inc ("Pumptown") and CNI Equipment Ltd ("CNI Equipment"), the management are now integrating these businesses into the PPA group.
Our initial objectives are as follows:
Ramp up production at Pumptown to full capacity within a 12 month period
Utilise CNI Equipment to produce early cash flow and hasten the production ramp up at Pumptown.
Development of early production and cash flow at Sechelt
During last week, processes have been put in place which has resulted in an immediate increase in production at Pumptown.
We have already hired out surplus equipment to outside contractors until it is required within the PPA group.
Initial PPA financial forecasts for the next 12 month period will be released to the market in July.
A joint statement from Don Nicholson, Chairman, and William Voaden, Chief Executive Officer, says:
"We are very pleased to have completed the Pumptown and CNI Equipment acquisitions. The success of these acquisitions will provide a strong platform for the PPA group to move forward with cashflow on all fronts. We envisage further similar acquisitions during the next 12 months, combined with our anticipated strong organic growth from existing sites that are operating in growth markets."
Enquires:
Pan Pacific Aggregates PLC
William Voaden Tel: 020 7096 9580
Hanson Westhouse Limited
Bill Staple / Harry Barraclough Tel: 020 7601 6100
END
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