Kingspan acquires UK waste company

Kingspan Group, the Cavan-based building products company, has acquired Entec (Pollution Control) for £2

Kingspan Group, the Cavan-based building products company, has acquired Entec (Pollution Control) for £2.65 million sterling. Located south of London, it will be a bolt-on to the group's plastics division, said Mr Gene Murtagh, Kingspan's chairman and chief executive. Entec manufactures mini-waste treatment plants. It generated an operating profit of £184,000 sterling (#263,000) on sales of £4.16 million sterling (#5.9 million) in 1997. Net assets have been warranted at £1.5 million sterling at December 31st, 1998. This, Kingspan said, will include cash of £610,000 sterling and is subject to an adjustment (in line with the warranted amount) upwards or downwards, subject to an upward cap of £150,000 sterling.

(# - Euro)