2004 Press Releases
15/01/2004
Keller acquires remaining minority stake in Swedish specialist ground engineering business
Keller Group plc (“Keller”), the international specialist ground engineering group, today announces that it has acquired the remaining 50% minority stake in Lime Column Markteknik AB (“LCM”) in Sweden, for an initial cash consideration of €3.6m (£2.5m) and a deferred consideration of up to €0.3m (£0.2m), contingent on the achievement of profit targets in 2004 to 2006.LCM sales and profit before tax for the 12 months ended 31 December 2003 are forecast to be €11.7m (£8.3m) and €2.3m (£1.6m) respectively. LCM, based in Gothenburg , Sweden was founded in 1976. It specialises in deep stabilisation of soft soils using lime columns. The technology has particular applications in the construction of highways and high-speed railways and in land reclamation projects. Keller acquired 50% of the shares of LCM in December 2000 from Peab AB , a leading Swedish construction company, giving Keller access to a new technology and entry into the Scandinavian ground engineering market. LCM sales have increased by over 60% since 2001. Commenting on the acquisition, Tom Dobson, Keller's Chief Executive, said: “The successful transfer of the lime column technology into Keller markets outside of Sweden has made headway since 2000 and will now be further accelerated, demonstrating once again the success of our bolt-on acquisition strategy.” For further information, please contact: | Keller Group plc | www.keller.co.uk | | Tom Dobson, Chief Executive | 020 8341 6424 | | Justin Atkinson, Chief Operating Officer | 020 8341 6424 | | James Hind, Finance Director | | |  | | | Weber Shandwick | Square Mile | | | Mike Kirk/Helen Thomas | 020 7067 0700 |
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