Bunzl PLC
09 February 2004
9 February 2004
BUNZL FURTHER EXPANDS FILTRONA AND OUTSOURCING SERVICES
Bunzl plc, the international distribution and outsourcing Group, today announces
that it has entered into an agreement to purchase the Skiffy Group from IWP
International plc. Skiffy has particular expertise in the supply of small nylon
parts for protection and finishing applications. Based in Amsterdam, the
business operates across Europe and had sales in the year ended 31 March 2003 of
€12.0 million. The value of the net assets to be acquired are expected to be
approximately €7.1 million on a net debt/cash free basis. Completion is subject
to the approval of the shareholders of IWP International and receiving clearance
from relevant competition authorities.
Bunzl also announces that in December 2003 it acquired Prolix Packaging, based
in Chicago, USA and O'Mahony Packaging, based in Cork, Ireland. Prolix, a retail
stores supply distributor, had sales in the year ended 31 December 2003 of
$10.6 million with net debt free net assets on acquisition of approximately
$1.8 million. O'Mahony, a distributor of supplies to retailers and food processors,
had sales of €10.7 million in the year ended 30 September 2003. The net assets
acquired were approximately €3.6 million on a net debt free basis.
Commenting on these acquisitions, Anthony Habgood, Chairman of Bunzl, said:
'These three acquisitions fit well with our Outsourcing Services businesses in
the US and Ireland and with our Filtrona business in Europe. They complement our
strengths in each area.'
Enquiries:
Bunzl plc: Finsbury:
Anthony Habgood, Chairman Roland Rudd
David Williams, Finance Director Morgan Bone
Tel: 020 7495 4950 Tel: 020 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange
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