Coffey expands infrastructure capacity in New Zealand with addition of Civil Lab
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PDF version(19 December 2008) Coffey International Limited (ASX:COF) announced today that it has completed an agreement to acquire 100 per cent of the fixed assets and ongoing business concern of Civil Lab, a laboratory testing business based in Auckland, New Zealand, for NZ$950,000. The purchase involves an earn-out over a two year period. The business acquisition has been funded from cash without needing to draw on Coffey International Limited’s acquisition debt facility. It will be earnings per share accretive from commencement.
Coffey International Limited managing director Roger Olds said that the addition of Civil Lab to the Coffey stable will expand the group’s support for the infrastructure sector in New Zealand.
“We are intent on being the leader in the testing industry in New Zealand and the addition of Civil Lab to the Coffey group will enhance our capacity to grow Coffey Information in New Zealand.
“Civil Lab is the largest materials testing business in Auckland and, with the backing of Coffey Information, has the potential to expand throughout both islands.”
Civil Lab will be immediately rebranded to Coffey Information.
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Media contacts:
Diana Krause, Communications Manager, Coffey International Limited
P: (+61) (3) 9473 1300; M: (+61) 420 959 942; E:diana_krause@coffey.com
Heather Potter at Mendleson Communication
P: (+61) (3) 9827 0422; M: (+ 61) 431 856 598; E:heather@mendleson.com.au
News Source : Coffey expands infrastructure capacity in New Zealand with addition of Civil Lab
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