AUG.L Regulatory News (AUG)

1 Nov 2007 07:02

Augean Plc01 November 2007 1st November 2007 Augean Plc ('Augean' or 'the Company') Acquisition Augean Plc, one of the UK's market leaders in the management of hazardous waste,is pleased to announce the acquisition of RNA Investments Limited and itstrading subsidiary Chemical Recoveries Limited (together 'Chemrec') for aconsideration of £5.8 million, payable in cash. The acquisition will beimmediately enhancing to earnings. Chemrec processes waste liquids and specialises in recycling contaminatedindustrial solvents, oils and water. It is based in Avonmouth, Bristol on a 3.4acre long-leasehold site and, serving a broad client base, is permitted toprocess, recover and dispose of a wide range of hazardous wastes. Chemrec willbe integrated into Augean's treatment division and will benefit from crossselling into some of Augean's existing customers. The book value of the assets being acquired was £1.4 million at 31 March 2007.In the year ending 31 March 2007, Chemrec generated revenue of £5.1 million andprofit before tax of £0.4 million after charging non-recurring items whichamounted to £0.2 million. Peter Worlledge, CEO of Augean Plc, commented: 'This acquisition will enhance Augean's existing service capacity andgeographical reach in the treatment and recovery of hazardous wastes. Theacquisition is further demonstration of Augean's strategy to become the leadingprovider of hazardous waste solutions in the UK.' For further information please contact: Peter Worlledge, Augean Plc - 01937 844 980Billy Clegg, Financial Dynamics - 020 7831 3113James Wellesley Wesley, Landsbanki Securities (UK) Limited - 020 7426 9000 This information is provided by RNS The company news service from the London Stock Exchange