Hill & Smith acquires remaining Zinkinvent stake

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Date: Tuesday 15 Jul 2008

LONDON (ShareCast) - Construction and building firm Hill & Smith has acquired the remaining interest in German holding company Zinkinvent for £18.8m and sold interest in Benelux and Germany to fund the acquisition.

The group also said it continues to deliver organic growth across all divisions with revenue, operating profit and order books all ahead of the same period last year.

It has acquired the remaining 31.8% it does not own in Zinkinvent from Lars Baumgürte, which will mean it will own the businesses in France and the United States of America.

Meanwhile, it has disposed Zinkinvent's trading operations in Benelux and Germany to Baumgürte for £23.7m

The group said the net effect will be earnings enhancing.

“Zinkinvent's businesses in France and the United States have been performing particularly well and the board believes that they offer the best prospects for future product development and growth,” said the group.

“We are therefore confident that applying the proceeds from the Disposal to acquire the remaining minority interests in these businesses will yield significant long-term benefits to the Hill & Smith Group,” it added.

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