Wolseley Plc Acquisition Update - 49 Million Pounds Spent on Three Further Acquisitions Taking Total for the Year So Far to a R
03 Mayo 2006 - 3:00AM
PR Newswire (US)
CINCINNATI, May 3 /PRNewswire-FirstCall/ -- Wolseley plc, the
world's largest specialist trade distributor of plumbing and
heating products to professional contractors and a leading supplier
of building materials, announced today three further acquisitions
for an aggregate consideration of 49 million pounds Sterling. In a
full year, these acquisitions are expected to add approximately 82
million pounds in additional revenue. Since the beginning of the
financial year on August 1, 2005, a total of 42 businesses in
Europe and North America have been acquired for an aggregate
consideration of approximately 714 million pounds. These 42
acquisitions are expected to add approximately 1,171 million pounds
to Group revenue in a full year. Goodwill and intangible assets
related to these acquisitions is estimated to be around 464 million
pounds. These totals do not include the recommended offer for
Brandon Hire plc which was announced on March 28, 2006. North
America On May 2, 2006, Stock Building Supply ("Stock") acquired
the Efficient Electric, United Electric, United Plumbing and
D.S.I., Inc. companies ("Efficient") from Steve Menzies. Efficient
Electric and United Electric are installers of electrical services
for residential projects in the Las Vegas market; United Plumbing
is an installer of plumbing services in the Las Vegas market; and
D.S.I., Inc. is an electrical supply house that provides electrical
products to electrical installers. The activities complement
Stock's turnkey framing construction services in the Las Vegas
market. In the year ended December 31, 2005 Efficient had revenue
of $94.1 million (53.3 million pounds) and gross assets of $22.2
million (12.5 million pounds) at that date. On April 27, 2006,
Ferguson acquired the Davies Water Equipment Company ("Davies")
from Gregory Strayer, Greg Huth and Brad Scholl. Davies is a
waterworks distributor with three locations in Wisconsin. In the
year ended December 31, 2005 Davies had revenue of $49.3 million
(27.9 million pounds) and gross assets of $13.2 million (7.5
million pounds) at that date. Europe On May 2, 2006, PBM acquired
the trade and assets of the Chelles generalist builders merchant
from Borghetto Materiaux which operates under the trademark
"BigMat". In 2005 the Chelles branch had revenue of 0.6 million
euros (0.4 million pounds) and gross assets of 0.1 million euros
(0.1 million pounds). The divisional split of the total acquisition
spend since August 1, 2005 is: No. of Spend Division Acquisitions
Million Pounds Europe 17 308 North America 25 406 TOTAL 42 714
Charlie Banks, Group Chief Executive of Wolseley said: "We are
delighted to announce these new acquisitions which support our
strategy of sector and geographic expansion. Davies takes us for
the first time into the waterworks sector in Wisconsin while
Efficient positions us to provide turnkey electrical and plumbing
installation services to the US high- volume production building
industry in the Las Vegas market." Exchange Rates The following
exchange rate has been used for the acquisition noted above: 1
pound = $1.85, 1 pound = 1.45 euros Certain statements included in
this announcement may be forward-looking and may involve risks,
assumptions and uncertainties that could cause actual results to
differ materially from those expressed or implied by the forward
looking statements. Forward-looking statements include, without
limitation, projections relating to results of operations and
financial conditions and the Company's plans and objectives for
future operations including, without limitation, discussions of the
Company's business and financial plans, expected future revenues
and expenditures, investments and disposals, risks associated with
changes in economic conditions, the strength of the plumbing and
heating and building materials market in North America and Europe,
fluctuations in product prices and changes in exchange and interest
rates. All forward-looking statements in this respect are based
upon information known to the Company on the date of this
announcement. The Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise. It is not
reasonably possible to itemize all of the many factors and events
that could cause the Company's forward-looking statements to be
incorrect or that could otherwise have a material adverse effect on
the future operations or results of the Company. About Wolseley plc
Wolseley plc is the world's largest specialist trade distributor of
plumbing and heating products and a leading supplier of building
materials to professional contractors in North America, the UK and
Continental Europe. Group revenues for the year ended July 31, 2005
were approximately 11.3 billion pounds and operating profit, before
amortization of acquired intangibles, was 708 million pounds.
Wolseley has more than 65,000 employees operating in 14 countries,
namely: UK, USA, France, Canada, Ireland, Italy, The Netherlands,
Switzerland, Austria, Czech Republic, Hungary, Belgium, Luxembourg
and Denmark. Wolseley is listed on the London and New York Stock
Exchanges (LSE:WOS.L) (NYSE:WOS) and is in the FTSE 100 index of
listed companies. DATASOURCE: Wolseley plc CONTACT:
Investors-Analysts, Guy Stainer, Head of Investor Relations, 0118
929 8744, or 07739 778187, or John English, Director, Investor
Relations, North America, +1-513-771-9000, or +1-513-328-4900, or
Media, Penny Studholme, Director of Corporate Communications, 0118
929 8886, or 07860 553834, all of Wolseley plc Web site:
http://www.wolseley.com/
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