2001 Press Releases
07/09/2001
Keller Group plc proposed acquisition of the business and assets of Suncoast
Keller, the global construction services group, is renowned for innovative and cost effective solutions to ground engineering problems and refurbishment projects in thirty countries. Keller has unrivalled coverage in North America and a strong presence in the UK, France and Germany. Acquisition highlights - Proposed acquisition of the business and assets of Suncoast for a consideration of US$90.0m to be funded from the Group’s new bank facilities
- Suncoast is a leading designer, fabricator and distributor of post-tension cable systems to the construction industry in the US
- The market for post-tension reinforcement systems has experienced significant growth
Proposed acquisition represents a major step in Keller’s development, providing growth opportunities in new specialist construction services markets outside Keller’s traditional market of foundation servces
- The Directors expect the Acquisition to be earnings enhancing in the first full year of ownership
Dr J.M. West, Chairman of Keller, commented: “Our recently announced interim results reflected a strong performance in the US where the Group has not experienced any slowdown. We are now delighted to announce the proposed acquisition of this leading, niche US business which will complement our existing operations in North America. Suncoast is a provider of specialist value-added services to the construction industry and is well placed to take advantage of the growth opportunities which exist in its target markets.” Keller’s management will make a presentation for analysts today at 10.30 a.m. at the offices of Golin/Harris Ludgate, 111, Charterhouse Street, London EC1M 6AW (Smithfield – Charterhouse Square end of Charterhouse Street). For further information contact: Keller Group plc
Tom Dobson, Chief Executive
020 8341 6424 Keller Group plc
Justin Atkinson, Finance Director
020 8341 6424 Dresdner Kleinwort Wasserstein
Richard Scholes, Director
020 7623 8000 Golin/Harris Ludgate
Peter Gaze
020 7324 8888 Golin/Harris Ludgate
Laurence Read
020 7324 8888 The Board accepts responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Board (which has taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Dresdner Kleinwort Wasserstein Limited (“Dresdner Kleinwort Wasserstein”), which is regulated by The Securities and Futures Authority Limited in the United Kingdom, is acting for Keller in relation to the transaction and no one else and will not regard any other person as its customer nor be responsible to anyone other than Keller for providing the protections afforded to customers of Dresdner Kleinwort Wasserstein nor for providing advice in relation to the contents of this announcement or any matter referred to herein. This summary should be read in conjunction with the full text of the attached press release.
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