Pennon Group Plc announces that its Viridor Waste Management Ltd., subsidiary has acquired Shore Recycling Ltd., a UK waste electrical and electronic equipment recycling company, for £23 million (US$46 million). The acquisition is in line with the Group's strategy of expanding its waste management activities.
Shore is headquartered in Perth, Scotland, and has recycling facilities in Perth, Manchester and St Helens, along with an associated collection fleet. The company handles a full range of WEEE, and Viridor feels that the company is an ideal fit with its existing operations in the UK.
Colin Drummond, CEO of Viridor said, "The UK's waste strategy demands ever increasing levels of recycling, particularly now in the area of waste electrical and electronic equipment. Shore has an excellent track record in leading the way in this market in the North of the UK and is well placed to capitalize on this opportunity. The acquisition has an excellent geographic and business fit with Viridor's existing operations and is expected to be earnings enhancing before amortization of intangibles in its first full year."