Keller Group PLC
21 January 2002
KELLER ACQUIRES STAKE IN GERMAN SPECIALITY
CONSTRUCTION SERVICE BUSINESS
Keller Group plc ('Keller'), the global construction services group, today
announces that it has acquired a 49% stake in Wannenwetsch GmbH
Hochdruckwassertechnik ('Wannenwetsch') in Germany, for a total cash
consideration of Euro2.1m (£1.3m). Wannenwetsch had sales of Euro2.2m (£
1.3m) and operating profit of Euro0.5m (£0.3m) in the 12 months ending 31
December 2000.
Wannenwetsch, which was founded in 1992, is Europe's leading supplier of
robotic hydrodemolition services for precision concrete removal. Using
high-pressure water jets guided by robotic carriers, Wannenwetsch's concrete
removal process has been developed to suit operations where removal of
concrete to a specific depth or length is required, without damage to the
surrounding area of the structure. Typical applications include the
renovation of parking garages, bridges, tunnels, airport runways, wharfs and
industrial plants.
The acquisition of Wannenwetsch complements the services already offered by
Keller's subsidiary, Makers UK, in the fast growing concrete refurbishment
market. With the technology and expertise of Wannenwetsch and Keller's high
reputation for quality and reliability in technical applications, the business
will be well positioned to capture opportunities in a growth market.
Keller has an option to acquire the remaining 51% of Wannenwetsch in 2005, on
a pre-determined multiple of operating profit for the financial years 2002 to
2004.
Tom Dobson, Keller Group plc Chief Executive, said:
'Wannenwetsch is a leading provider of specialist, value-added services to the
construction industry. Through such an acquisition, Keller has demonstrated
once again progress in the implementation of our strategy to broaden the range
of technical services we offer our world markets.'
For further information, please contact:
Keller Group plc 020 8341 6424
Tom Dobson, Chief Executive Officer
Justin Atkinson, Finance Director
Weber Shandwick Square Mile 020 7950 2800
Peter Gaze
Laurence Read
This information is provided by RNS
The company news service from the London Stock Exchange
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