Pennon acquires Reconomy Recycling for £23.8m

Water supplier and waste management group Pennon has expanded its recycling activities with the purchase of Reconomy Recycling, a UK materials recycling company, for £23.8m.Reconomy operates in East Anglia and the South Midlands and has materials recycling facilities in Wellingborough near Northampton, Soham in Cambridgeshire and Corby, Northants. It has been acquired by Pennon's subsidiary Viridor Waste Management.'This acquisition has an excellent geographic and business fit with Viridor's existing operations in the East of England and is expected to be earnings enhancing before amortisation of intangibles in its first full year,' said Colin Drummond, chief executive of Viridor. Pennon