Wolseley plc Acquisitions Update
September 20 2006 - 3:30AM
PR Newswire (US)
22 million pounds spent on three acquisitions taking total for year
ending July 31, 2007 so far to 49 million pounds CINCINNATI, Sept.
20 /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 22 million pounds Sterling. In a full
year, these acquisitions are expected to add approximately 30
million pounds in additional revenue. Since the beginning of the
financial year on August 1, 2006, a total of six businesses in
Europe and North America have been acquired for an aggregate
consideration of approximately 49 million pounds. These six
acquisitions are expected to add approximately 91 million pounds to
Group revenue in a full year. Goodwill and intangible assets
related to these acquisitions is estimated to be around 29 million
pounds. These totals do not include the acquisition of DT Group
(formerly known as Danske Traelast) which was announced on July 24,
2006 and is expected to complete in the next eight days. North
America On August 21, 2006, Ferguson acquired the assets of United
Automatic Heating Supply Ltd ("United Automatic") from James
Haskell. United Automatic is an Ohio-based distributor of heating
ventilation and air conditioning equipment and supplies. In the
year ended December 31, 2005, United Automatic had revenue of $29.4
million (15.7 million pounds) and gross assets of $5.4 million (2.9
million pounds) at that date. Europe On August 31, 2006, Brossette
acquired Sigmatec SAS ("Sigmatec") from Mr Gournay. Sigmatec is an
electrical distributor based in Northern France. In the year ended
March 31, 2006, Sigmatec had revenue of 5.6 million euros (3.8
million pounds) and gross assets of 0.4 million euros (0.3 million
pounds) at that date. On September 19, 2006, Wolseley UK acquired
Morris Insulation Ltd, Acoustic and Thermal Insulation Ltd,
Customised Insulation Manufacturers Ltd and Construction Insulation
Distributors Ltd ("the Insulation Companies") from Rhodes
Securities Limited. The Insulation Companies, based in Dublin, are
the leading distributors of insulation materials in the Republic of
Ireland. In the year ended August 31, 2005, the Insulation
Companies had revenue of 15.6 million euros (10.5 million pounds)
and gross assets of 12.7 million euros (8.5 million pounds) at that
date. The divisional split of the total acquisition spend since
August 1, 2006 is: Division No. of Spend Acquisitions Million
Pounds Europe 3 20 North America 3 29 TOTAL 6 49 Chip Hornsby,
Group Chief Executive of Wolseley said: "We are delighted to
announce these three further acquisitions which will help us
continue to grow our business in Europe and North America. These
acquisitions support our strategy of growing the business through
acquisition and organic growth." Exchange Rates The following
exchange rate has been used for the acquisitions noted above: 1
pounds = $1.88, 1 pounds = 1.49 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 to professional contractors and a
leading supplier of building materials 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 71,000 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 (NYSE:WOS) (LSE: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; or Media, Andrew Fenwick or Nina Coad of
Brunswick, 020 7404 5959 Web site: http://www.wolseley.com/
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