Pennon buys London waste recycling company

8th Jun 2009 07:27

Water group Pennon Group is beefing up its waste management arm with the purchase of London Recycling Limited.Viridor Waste Management, a subsidiary of Pennon, is paying £11m in cash for West Ham based London Recycling, a company which runs a full range of recycling operations.London Recycling handles in the region of 50,000 tonnes of material per annum.The acquisition is expected to be earnings enhancing (before amortisation of intangibles) for Pennon in the first full year.'The acquisition has an excellent geographic and business fit with our operations in the South East of England,' said Colin Drummond, chief executive of Viridor.