2002 Press Releases
21/01/2002
Keller acquires stake in German speciality construction service business
Keller Group plc ("Keller"), the global construction services group, today announces that it has acquired a 49% stake in Wannenwetsch GmbH Hochdruckwassertechnik ("Wannenwetsch") in Germany, for a total cash consideration of €2.1m (£1.3m). Wannenwetsch had sales of €2.2m (£1.3m) and operating profit of €0.5m (£0.3m) in the 12 months ending 31 December 2000.Wannenwetsch, which was founded in 1992, is Europe's leading supplier of robotic hydrodemolition services for precision concrete removal. Using high-pressure water jets guided by robotic carriers, Wannenwetsch's concrete removal process has been developed to suit operations where removal of concrete to a specific depth or length is required, without damage to the surrounding area of the structure. Typical applications include the renovation of parking garages, bridges, tunnels, airport runways, wharfs and industrial plants. The acquisition of Wannenwetsch complements the services already offered by Keller's subsidiary, Makers UK, in the fast growing concrete refurbishment market. With the technology and expertise of Wannenwetsch and Keller's high reputation for quality and reliability in technical applications, the business will be well positioned to capture opportunities in a growth market. Keller has an option to acquire the remaining 51% of Wannenwetsch in 2005, on a pre-determined multiple of operating profit for the financial years 2002 to 2004. Tom Dobson, Keller Group plc Chief Executive, said: "Strong organic growth in North America, France and the Far East and significant contract wins have driven an outstanding year of performance right across the Group. "The acquisition of Suncoast has established specialist services as a major new sector for the Group with good prospects for growth. "The current year has begun well, with a record January order intake. Given the continuing strength in our markets and a full year's contribution from Suncoast, we are confident that 2002 will produce another good result." Enquiries: | Keller Group plc | 020 8341 6424 | | Tom Dobson, Chief Executive Officer | | | Justin Atkinson, Finance Director | | |  | | | Weber Shandwick | Square Mile | 020 7950 2800 | | Peter Gaze | | | Laurence Read | |
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