Aggreko PLC Acquisition of DRYCO LLC (6013G)
August 09 2016 - 2:01AM
UK Regulatory
TIDMAGK
RNS Number : 6013G
Aggreko PLC
09 August 2016
9 August 2016
Aggreko plc
AGGREKO ACQUIRES DRYCO LLC
Aggreko plc is pleased to announce that, in line with its
business priorities, it has entered into an agreement to acquire
substantially all of the assets associated with, and used in
connection with DRYCO, LLC a specialist in moisture control,
drying, heating, and cooling applications within the shipping,
manufacturing, food processing, construction, and industrial
painting industries.
The agreement is contingent on the satisfaction of a number of
pre-closing conditions usual for a transaction of this type.
The acquisition further strengthens Aggreko's capabilities with
a wide breadth of technical skills and specialty HVAC equipment to
deliver solutions that help customers achieve their desired
results. With ten full service locations in North America, DRYCO
has built a strong customer list within its targeted
industries.
Aggreko's acquisition of DRYCO will add more than 60 experienced
and skilled employees and more than 6,000 fleet assets to the
Rental Solutions business. Following a period of transition,
Aggreko plans to fully integrate the operations of DRYCO into its
North America business while developing expansion plans to enter
additional sectors and global markets. DRYCO's 2015 revenues were
US $19 million.
Chris Weston, Chief Executive, said: "This acquisition combines
the deep technical strength of two highly respected market leaders
and provides our customers with an unparalleled range of solutions
that can address their HVAC and moisture control needs. It also
gives Aggreko an opportunity to further support our rapidly
expanding customer base within the shipping, food & beverage,
and painting & coatings industries."
Enquiries
Investors & Analysts
Tom Hull, Aggreko plc +44 7342 056 727
Media
Liz Morley/Sam Cartwright, Bell Pottinger +44 20 3772 2500
Notes to Editors
Founded in 2000, DRYCO, LLC specializes in moisture control,
drying and restoration solutions across the USA. Services include
industrial and structural dehumidification, drying, emergency
climate control, and small temporary power.
DRYCO is headquartered in Downers Grove, IL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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