Bunzl Acquires Canada's Planet Clean As Trading Remains "Consistent"

LONDON (Alliance News) - Bunzl PLC on Wednesday said it expects to complete a number of further ...

Alliance News 21 October, 2015 | 8:13AM
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LONDON (Alliance News) - Bunzl PLC on Wednesday said it expects to complete a number of further acquisitions during the remainder of the year and said it has acquired Canada's Planet Clean Inc, as its performance remained "consistent with expectations" it gave with its interim results in August.

The distribution and outsourcing company said that in the third quarter of 2015 its revenue rose 4% compared to the previous year at constant exchange rates, boosted by acquisitions, it said.

Bunzl said there has been no significant change in its financial position, and it continues to have "substantial funding headroom available".

The company also announced it has acquired Planet Clean, based in Vancouver. It did not provide financial details of the acquisition, although it said that for 2014 Planet Clean produced revenue of around CAD25.6 million.

"The purchase of Planet Clean is another exciting development for our business in Canada. It is the sixth acquisition that we have made in the Canadian cleaning and hygiene sector since November 2013 as we have continued to build a national business in this important market. We are pleased to welcome their employees to the group," said Chief Executive Michael Roney in a statement.

Shares in Bunzl were down 2.2% at 1,805.00 pence Wednesday morning, shortly after market open.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Bunzl PLC 2,139.00 GBX -0.33
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