Login/Register

Ashtead buys US scaffolding business

Company News

Ashtead buys US scaffolding business

Tue, 11 January 2011
Ashtead Group Quote more

Price: 877.00

Chg: -23.50

Chg %: -2.61%

Date: 17:15

FTSE 100 Quote

Price: 6,674.74 Chg: -7.02 Chg %: -0.11% Date: 08:00

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.

FTSE 100 Top Risers

Name Last Chg.% Time
Associated British Foods 2,962.00 8.82 17:15
Admiral Group 1,408.00 3.30 17:13
Bunzl 1,654.00 2.35 17:13
AstraZeneca 4,042.50 2.08 17:15
Randgold Resources Ltd. 4,700.00 2.06 17:01

FTSE 100 Top Fallers

Name Last Chg.% Time
Antofagasta 796.50 -5.68 17:15
Centrica 330.60 -4.15 17:13
Hargreaves Lansdown 1,197.00 -4.01 17:15
Sports Direct International 797.00 -3.98 16:59
Old Mutual 196.00 -3.92 17:15