Pennon Group PLC has announced that its Viridor Waste Management Ltd. subsidiary has completed the acquisition of Pulp Friction Ltd. and SBS Paper LLP for a total consideration of 9 million pounds (US$14.41 million).
Pulp Friction, (www.pulpfriction.co.uk) established in 1995, is a paper collection and processing business, headquartered in Kent, U.K. The company has recycling depots in Birmingham, Manchester, Liverpool, Newcastle and Worcester, U.K. SBS Paper LLC deals with business, assets and goodwill of a related business.
According to Pennon, the acquired businesses jointly process 100,000 metric tons of paper and paperboard per year.
Colin Drummond, Viridor’s CEO, says, "The acquisition of this paper collection and processing business is in line with the group's strategy of expanding its waste management activities, particularly in collection and recycling. The acquisition is expected to be earnings enhancing in its first full year of operation."