Acquisition of ISS Washrooms in Scandinavia (9869Y)
January 06 2011 - 2:00AM
UK Regulatory
TIDMBRSN
RNS Number : 9869Y
Berendsen PLC
06 January 2011
6 January 2011
BERENDSEN PLC
Acquisition of ISS Washrooms in Scandinavia
The Board of Berendsen plc ("Berendsen") is pleased to announce
the acquisition of the washroom activities of ISS in Denmark,
Sweden and Norway for DKK 300 million (eqGBP34 million) in cash,
paid from existing resources. Berendsen has also entered into a
strategic partnership agreement with ISS under which it will obtain
access to the ISS customer base for its portfolio of washroom
products and become the preferred supplier of workwear to the
catering business of ISS while ISS will provide cleaning and
catering services to all Berendsen sites in the in the Nordic
region.
The transaction took place on 29 December 2010 and is expected
to be earnings enhancing in 2011.
Berendsen acquired ISS' laundry and mat businesses in the Nordic
region in 2010.
Peter Ventress, Chief Executive of Berendsen, commented, "This
acquisition is in line with the recent Strategic Review where we
committed to invest in those areas of our business where we
identified significant potential. The activities that we are
acquiring from ISS are profitable, have strong margins and
complement our existing operations in the region. This will result
in a business that is the market leader in washrooms with a
balanced spread of activities across the region."
For further information contact:
Kevin Quinn, Finance Director Telephone 020 7269 7186
Telephone 020 7259 6663 Financial Dynamics Richard Mountain
Berendsen Peter Ventress, Chief
Executive
Notes:
1. Berendsen (formerly The Davis Service Group Plc) is a focused
European textile maintenance business with leading positions in
most of the countries in which it operates. As a focused business
we are able to mobilise our resources to drive our strategies in
our core area of expertise.
2. Sourced from management accounts; operating profit before
exceptional items and amortisation of customer contracts and
intellectual property rights.
3. Statements made in this announcement that look forward in
time or that express management's beliefs, expectations or
estimates regarding future occurrences are "forward-looking
statements" within the meaning of the United States federal
securities laws. These forward-looking statements reflect
Berendsen's current expectations concerning future events and
actual results may differ materially from current expectations or
historical results.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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