Business
DCC Environmental expands its presence in Britain
DCC Environmental expands its presence in Britain.
About this update from Dcc Plc
[{"type":"text","content":"\n \nRNS Number : 9471I DCC PLC 23 June 2011 \n \n\n\n\n\n\nDCC Environmental expands its presence in Britain\n \nDCC plc, the sales, marketing, distribution and business support services group, announces that its 70% subsidiary, DCC Environmental Britain Limited, has acquired the entire issued share capital of Oakwood Fuels Limited (\"Oakwood\"), a British waste oil and hazardous waste collection, processing and recycling business. \n \nOakwood collects waste lubricant oil and hazardous waste from businesses in a variety of sectors (the largest of which is the automotive services sector) and converts the waste oil to processed fuel oil (PFO). The PFO is then sold to customers for use in a variety of applications including road surfacing operations, aggregate drying, industrial and agricultural drying, power stations, large boilers and furnaces. Based in Nottinghamshire, Oakwood employs 105 people. \n \nOakwood's adjusted operating profit for its financial year ended 30 September 2010 was €2.5 million (Stg£2.2 million) on revenue of €10.5 million (Stg£9.3 million) while the book value of its adjusted net operating assets at 30 September 2010 was €1.9 million (Stg£1.7 million).\n \nThe initial consideration paid in cash by DCC is €10.8 million (Stg£9.6 million) on a debt free cash free basis. Further cash consideration will be payable based on Oakwood's profits in each of the three financial years to 31 March 2014. The maximum additional consideration payable is €22.5 million (Stg£20 million).\n \nTommy Breen, Chief Executive of DCC plc, said today:\n \n\"The acquisition of Oakwood will broaden DCC Environmental's service offering into additional complementary waste streams in Britain and capitalise on the trend towards more sustainable waste management and in particular increased waste recovery and recycling. \n \nThe acquisition will also enable DCC Environmental's existing British businesses to offer new services to their customers and the enlarged business to leverage an expanded customer list.\"\n \n \nFor Reference:\nTommy Breen, Chief Executive, DCC plc\nRedmond McEvoy, Investor Relations Manager\n \nTelephone: +353 1 2799400\nEmail: [email protected]\nWeb: www.dcc.ie\n \n\n\nAbout DCC plc \nDCC plc is a sales, marketing, distribution...