U.K. firm expands its operations to the recycling industry.
Kier Group plc, based in the United Kingdom, has completed the acquisition of the entire issued share capital of Pure Recycling Warwick Ltd. from Pure Recycling Co Ltd. for about $ 2.9 million, to be paid immediately. The acquisition includes the entire issued share capital of Pure Buildings Ltd. from Nicholas Spencer and Jodie Spencer.
The company also has a further payment of as much as £5.1 million, which is contingent on a number of issues.
Pure Recycling and Pure Buildings own a Materials Recycling Facility that is being built in Ettington in Warwickshire, U.K. The MRF is under construction and is currently due for completion by next March. When complete, the facility will be one of the largest MRFs in the UK and will be able to process a minimum of 25 metric tons of recycled material per hour.
"We are delighted with the acquisitions which strengthen Kier's waste management and recycling business and will leave the Group well placed to take advantage of future market growth in the sector. In particular, we look forward to working closely with Local Authorities and Councils to help them to achieve their recycling targets," says Paul Sheffield, Kier Group’s chief executive.