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Speedy hire acquires AMEC's Logistics and Support Services

09 January 2008

LSS operates from 10 UK depots and has approximately 250 full time employees. Upon successful completion of the consultation process with employee representatives these employees would transfer to Speedy.

Speedy Hire announces that it has strengthened its association with AMEC plc through the acquisition of the tool and equipment hire business of AMEC Logistics and Support Services Limited (‘LSS’). LSS is AMEC’s single point of supply for the provision of hire assets including tools, lifting equipment, general plant, temporary accommodation units and survey equipment. LSS operates from 10 UK depots and has approximately 250 full time employees. Upon successful completion of the consultation process with employee representatives these employees would transfer to Speedy.

Total consideration payable in cash will be £12.5m. Working capital, cash, and debt are not being acquired with the assets. Completion is expected to take place on 1 February 2008. As part of the transaction, AMEC’s Industrial division has entered into a four year exclusive supply agreement with Speedy to provide for hire a wide range of equipment in a variety of industrial related sectors. A preferred supplier agreement has also been established for other UK AMEC divisions.

Steve Corcoran, Chief Executive said: "We are very pleased to have acquired the LSS business which will further enhance our already strong relationship with AMEC. The securing of a four year trading agreement will enable both organisations to maximise supply chain opportunities whilst assisting AMEC in its drive for operational excellence in the key areas of health and safety compliance and quality assurance."

www.speedyhire.plc.uk


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