Pennon Group expands its Waste Management business
18 November 2011
Pennon Group Plc announces that its subsidiary, Viridor Waste Management Limited, has acquired JWS Churngold Limited, from the vendors listed in the Schedule below, for a total cash consideration of £14.25m on a debt-free basis. The acquired company is based in Leyland, Lancashire and provides waste logistics and transport solutions in connection with the Lancashire Private Finance Initiative (PFI) waste contract. The acquisition is in line with the Group's strategy of expanding its waste management activities, particularly in the contracts and recycling sectors.
JWS Churngold is the waste logistics and transport solutions provider under contract with Global Renewables Lancashire Operations Limited, the contractor to the Lancashire waste management PFI. It provides transportation of all waste derived from the Lancashire and Blackpool local authorities' transfer stations bound for Global Renewables' PFI treatment facilities at Thornton and Leyland, plus the onwards transfer of all materials for recycling or disposal.
Commenting on the acquisition, Colin Drummond, Chief Executive of Viridor said, "JWS Churngold's operations in Lancashire fit well with our existing and planned operations in the north west, including those associated with the Viridor/Laing Greater Manchester waste PFI. The acquisition is expected to be earnings enhancing in its first full year."
Further information on Pennon Group and Viridor can be found on the Group's website, www.pennon-group.co.uk
For enquiries please contact:
Colin Drummond, Chief Executive, Viridor - 01823 721435
Sara Evans, RLM Finsbury - 020 7251 3801
Schedule - Vendors of JWS Churngold Limited
Mr R N Tredwin
Mr T S Fisher
Mr P Dewinter
Mr A Rothwell
Mr P D L Andrew
Mr A R Brown
Mr P A Sanders
Bourse Trust Company Limited
Mr J D Barcham
Mr R E Tweedale
Mr K Philbin
Messrs Alan Rothwell, Andrew Rothwell and CJR Nominees Limited