Keller Group PLC
16 August 2006
Wednesday, 16 August 2006
Keller Group plc
Acquisition of Piling Contractors
Keller Group plc ('Keller' or 'the Group'), the international ground engineering
specialist, today announces that it has acquired Piling Contractors in
Australia.
Piling Contractors is Australia's second largest specialist foundations
contractor, with annual sales of around A$50m (£20m) for the year ended 30 June
2006. The acquisition will consolidate Keller's position as market leader in
Australia. The total consideration for Piling Contractors comprises an initial
amount of A$24m (£9.6m) net of acquired cash, with an additional earn-out of up
to A$3m (£1.2m) based on future profits.
Piling Contractors has strong links with the civil engineering, infrastructure
and mining sectors, in which Keller is currently under-represented. It offers
large diameter bored piling, driven piling, sheet piling and diaphragm/cut-off
wall solutions. By teaming up with Keller Australia's ground engineering
business, which offers complementary systems, it will also be in a position to
offer 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 are
delighted that its skills and expertise will now be available within Keller. The
acquisition will consolidate our position as foundations market leader in
Australia, enabling us to take full advantage of future opportunities in this
strong market.
'This is one more step forward in our strategy of further consolidation of our
global leadership in specialist ground engineering services, through a
combination of organic growth and targeted acquisitions.'
For further information, please contact:
Keller Group plc
Justin Atkinson, Chief Executive 020 7616 7575
James 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 Exchange
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