Burmah Castrol expansion of construction chemicals business
Burmah Castrol expansion of construction chemicals business
Keywords: Burmah, Castrol
Burmah Castrol plc ("Burmah Castrol"), the international specialised lubricants and chemicals group, announces that agreement in principle has been reached to expand its Fosroc Construction business with the acquisition of CIA,France, and Holderchem SA (HESA), Spain, from the Holderbank Group of Switzerland, for some £15 million, including the assumption of short and long-term debt. Fosroc has also signed a technical co-operation agreement with Holderbank Group, the world's largest cement manufacturer, covering the territories of France and Spain.
Fosroc provides formulated products and services for the civil engineering and construction industries worldwide, and is market leader in the Middle East,India and South East Asia. The acquisition of CIA and HESA will enhance the company's position in Western Europe, most particularly in the fast growing Spanish market where HESA's activities will complement Fosroc's existing operations. In addition, CIA is a leader in the development and application of new types of polycarboxylate concrete admixture technology and cement additives,which will further strengthen Fosroc's position worldwide.
With a total workforce of some 120 employees, the combined turnover of CIA and HESA in 1998 was approximately »11 million.
Commenting on this agreement, Tim Stevenson, chief executive of Burmah Castrol, said: "These acquisitions support Burmah Castrol's objective of strengthening our businesses with acquisitions which round out our existing operations through technological advancement and market penetration, as part of our strategy to enhance shareholder value".
For further information, contact: James Alexander, Corporate Affairs director, Burmah Castrol plc; Tel: +44 (0) 1793 452006; Sharon Ostaszewska,External Relations, Burmah Castrol plc; Tel: +44 (0) 1793 452946; Rachel Hirst/Harriet Keen, Hogarth Partnership Limited; Tel: +44 (0) 171 357 9477.
