DCC PLC
28 January 2003
28 January 2003
DCC Expands in Environmental Services
DCC plc, the business support services group, announces a further expansion of
its developing environmental services business through the acquisition of
Shannon Environmental Services (SES), a leader in waste chemical treatment in
Ireland. DCC paid a consideration of €6.5 million in cash for SES, which
generated operating profits of approximately €900,000 in the year ended 31
December 2002 and had net assets of approximately €2.5 million and a modest cash
balance at completion.
DCC Environmental had been principally focused on the oil treatment sector in
Ireland including the collection and recycling of used lubricating oils and oil
filters and the biological treatment of contaminated soil at its site in
Portlaoise. Through the acquisition of Envirotech in September 2001, DCC
Environmental entered the rapidly growing water treatment sector where it
develops, blends and markets under its own 'Envirotech' brand a range of
chemicals which are used in effluent treatment plants. From a strong customer
base in Ireland, DCC Environmental is now developing Envirotech's presence in
the British market.
SES operates from a 2.5 acre site in Shannon, Co. Clare under a waste management
licence granted by the Environmental Protection Agency. SES's activities are
highly complementary to those of DCC Environmental and will enable DCC to
broaden the range of services it offers to existing customers in the
pharmaceutical, food, chemical and municipal sectors, as well as to broaden its
customer base. In addition, there will be synergies in operations and expertise
in bringing the SES site in Shannon and DCC Environmental's site in Portlaoise
together under the control of one management team.
Jim Flavin, Chief Executive / Deputy Chairman of DCC plc, said today:
'Environmental services is a business sector experiencing significant growth,
driven by increased regulation and public awareness. DCC Environmental is
developing rapidly from a small base and it now offers its customers a broad
range of services and products in oil treatment, effluent treatment and waste
chemical treatment. We continue to see exciting organic and acquisition
opportunities and intend to develop a significant environmental services
business over time in both Ireland and Britain'.
For reference:
Kevin Murray, Managing Director - DCC Energy
Telephone: +353 1 2799 400
Email: kmurray@dcc.ie
For further information on DCC - www.dcc.ie
This information is provided by RNS
The company news service from the London Stock Exchange
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