Statement re. Update on Acquisition

RNS Number : 2597R

Hill & Smith Hldgs PLC

25 June 2015

 



25 June 2015

Hill & Smith Holdings PLC

Update on the acquisition of W Corbett & Co. (Galvanizing) Limited

 

On 23 April 2015, Hill & Smith Holdings PLC ("Hill & Smith" or "the Group") announced that it had signed a conditional sale and purchase agreement  to acquire W Corbett & Co. (Galvanizing) Limited ("Corbetts") for an enterprise value of GBP10.5m ("the Acquisition").

Hill & Smith confirms that the UK Competition and Markets Authority ("CMA") has today published an announcement in relation to its Phase 1 review of the Acquisition of Corbetts by Joseph Ash Limited, a wholly-owned subsidiary of Hill & Smith, under the merger control provisions of the Enterprise Act 2002. It has concluded that the transaction will be referred for an in-depth Phase II investigation unless suitable undertakings are given. Hill & Smith is carefully considering the CMA's announcement, together with the full detail behind it and will make a further announcement in due course.

A link to the CMA's Press Release and further information on the CMA's investigation into Hill & Smith's proposed acquisition of Corbetts is available at: https://www.gov.uk/cma-cases/joseph-ash-w-corbett-co-galvanizing-merger-inquiry

ENDS

For further information, please contact:

Derek Muir, Group Chief Executive                                         Tel:  [phone]

Hill & Smith Holdings PLC

John Olsen/Andrew Leach                                                          Tel:  [phone]

MHP Communications

Notes to Editors

Hill & Smith Holdings PLC is an international group with leading positions in the design, manufacture and supply of infrastructure products and galvanizing services to global markets. It serves its customers from facilities principally in the Australia, France, India, Norway, Sweden, Thailand, the UK and the USA.

The Group's operations are organised into three main business segments:

Infrastructure Products - Roads, supplying products and services such as permanent and temporary road safety barriers, street lighting columns, bridge parapets, gantries, temporary car parks, variable road messaging solutions and traffic data collection systems.

Infrastructure Products - Utilities, supplying products and services such as pipe supports for the power and liquid natural gas markets, energy grid components, "GRP" railway platforms and flood prevention barriers, plastic drainage pipes, industrial flooring, handrails, access covers and security fencing.

Galvanizing Services which provides zinc and other coatings for a wide range of products including fencing, lighting columns, structural steel work, bridges, agricultural and other products for the infrastructure and construction markets.

Headquartered in the UK and quoted on the London Stock Exchange (LSE: HILS.L), Hill & Smith Holdings PLC employs some 3,800 staff across 55 sites, principally in 8 countries.

 

END

 

 

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