Pennon Group Buys Reconomy Recycling Solutions For GBP23.8M

24th Jun 2010 07:39

LONDON (Dow Jones)--Water, sewerage and waste company Pennon Group PLC (PNN.LN) Thursday said its subsidiary Viridor Waste Management Ltd. has bought U.K. materials recycling company Reconomy Recycling Solutions Ltd. for GBP23.8 million. Pennon said the acquisition of Reconomy--which operates in East Anglia and the south Midlands and produces around 150,000 tonnes of recycled material a year--is part of its strategy of expanding its waste management services. Viridor Chief Executive Colin Drummond said the acquisition will fit will with Viridor's existing operations in the east of England and is expected to be earnings enhancing before amortization in its first full year. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires June 24, 2010 02:39 ET (06:39 GMT)