Acquisition

RNS Number : 9603G

Pennon Group PLC

05 July 2012

 

5 July 2012

Pennon Group Expands its Waste Management Business in the North West

Pennon Group Plc has announced that its subsidiary, Viridor Waste Management Limited, has acquired JWT Holdings Limited, a waste collection and recycling business based in Atherton, Greater Manchester, from John William Thomasson.  The total consideration was £7.60m (£6.58m cash plus acquired net debt).  The acquisition is in line with the Group's strategy of expanding its waste management activities, particularly in the collection, recycling and energy recovery sectors.

The acquired business employs 45 staff and handles around 70,000 tonnes of material per annum.  It has a Materials Recycling Facility and a fleet of twenty-nine vehicles which will be integrated into Viridor's northern region, complementing the commercial collection services of Viridor's Trafford Park operation.

Commenting on the acquisition, Colin Drummond, Chief Executive of Viridor said:

"The acquisition of JWT provides excellent synergies with Viridor's existing activities in Manchester and across the North West.  It complements other recent acquisitions in the region and Viridor's development of the UK's largest waste fired Combined Heat and Power facility at Runcorn, the first phase of which will be operational in 2013.  The acquisition is expected to be earnings enhancing in its first full year."

For further details please contact:

Andrew Kirkman, Finance Director, Viridor, on 01823 721431
Sara Evans, RLM Finsbury, on 020 7251 3801

Further information on Pennon Group and Viridor can be found on pennon-group.co.uk and viridor.co.uk

 

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