DCC PLC
15 May 2006
DCC ACQUIRES 50% SHAREHOLDING IN SCOTLAND'S LEADING
RECYCLING AND WASTE MANAGEMENT BUSINESS
DCC plc, the business support services group, has acquired a 50% shareholding
in the William Tracey group of companies ('William Tracey' or 'the Group'), a
Scottish based recycling and waste management business, for a consideration,
net of share of cash acquired, of €23.9 million (Stg£16.3 million), which was
satisfied in cash.
Founded in 1948, William Tracey is Scotland's leading recycling and waste
management business, with a reputation for innovation and creativity in the
management of waste and recycling. The Group has been owned by its Managing
Director, Michael Tracey, a son of the founder, from whom DCC has acquired its
50% shareholding. The Group's head office is in Linwood near Glasgow and it
employs 255 people.
William Tracey operates from six freehold sites in Scotland and carries out a
broad range of activities including materials recycling, hazardous waste
treatment, landfill and renewable energy generation from landfill gas. The
Group's extensive fleet of specialist waste management vehicles collects waste
from industrial and commercial customers for processing. The Group also
processes waste on behalf of local authorities and other third parties.
The adjusted operating profit of the William Tracey Group for its financial
year ended 30 April 2006 was approximately €7.3 million (Stg£5.0 million) on
sales of approximately €42.5 million (Stg£29.0 million). At 30 April 2006 the
book value of the Group's net assets was approximately €16.9 million (Stg£11.5
million) including net cash of approximately €7.3 million (Stg£5.0 million).
Michael Tracey and his management team have deep knowledge and experience of the
waste management and recycling business. William Tracey's innovative approach to
recycling, creating valuable end products from a range of waste streams,
positions it at the forefront of the industry's move away from landfill. Michael
Tracey is a Director of the Environmental Services Association in Britain and
was until recently Chairman of the Scottish Environmental Services Association
and he will join the Board of DCC Environmental Limited.
Jim Flavin, Chief Executive/Deputy Chairman of DCC plc, said today:
'DCC has been keen to expand its environmental services business into
Britain and also into the non-hazardous waste sector. The acquisition
of a 50% shareholding in the William Tracey Group achieves both of these
objectives and also increases the scale and technical expertise of DCC
Environmental. DCC looks forward to working in partnership with Michael
Tracey in the further expansion of the William Tracey Group and of
DCC Environmental. '
For reference:
Jim Flavin, Chief Executive/Deputy Chairman
Tommy Breen, Managing Director, DCC Energy and DCC Environmental
Thomas Davy, Finance and Development Director, DCC Environmental
Conor Murphy, Investor Relations Manager
Telephone: +353 1 2799400
Email: investorrelations@dcc.ie
Web: www.dcc.ie
This information is provided by RNS
The company news service from the London Stock Exchange
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