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Ashtead buys US scaffolding business

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Ashtead buys US scaffolding business

Tue, 11 January 2011
Ashtead Group Quote more

Price: 943.50

Chg: 6.00

Chg %: 0.64%

Date: 08:45

FTSE 100 Quote

Price: 6,797.20 Chg: 1.86 Chg %: 0.03% Date: 08:45

Equipment hire firm Ashtead Group has boosted its presence in the Gulf Coast petrochemicals business with the acquisition of Empire Holdings.

Ashtead is paying $38m for Empire, which is based in Baton Rouge, Louisiana. An additional cash consideration of $1.5m may be payable depending on Empire’s profits in the current financial year.

Empire is a specialist provider of scaffold rental, erection and dismantlement services. In the year to 31 August 2010 Empire reported revenues of $42m and a pre-tax profit of $4.0m. Its gross assets at 31 August 2010 were $35m.

Empire will operate as a wholly owned subsidiary within the scaffold division of Sunbelt Rentals, Ashtead’s US subsidiaries. All key managers are staying with the Empire business.

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