Marshalls bolts on pre-cast concrete specialist CPM
Paving slabs and floor tiles maker Marshalls on Thursday agreed the bolt-on acquisition of pre-cast concrete manufacturer CPM Group for a total of £38.3m cash.
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CPM, which makes concrete pipes, containment and inspection chambers, manhole covers and other bespoke industrial concrete products for the construction sector, reported revenue of £51.2m and profit before tax of £4.6m in the last calendar year.
The acquisition of CPM is expected to be earnings enhancing in its first full year after completion.
Projects it has contributed to include countless new housebuilding projects and major infrastructure schemes such as Hinkley Point A, the HS2 railway and the A14 Cambridge bypass.
CPM employs around 350 people divided between its two manufacturing sites at Mells, in Somerset, and Pollington, in East Yorkshire, and offices in the Midlands and Scotland.
Mike Stacey, CPM's managing director, will remain with the business and will join Marshalls' senior management team, reporting to group CEO Martyn Coffey.
With the FTSE 250 group also hosting an investor day at its 'Design Space' office in London on Thursday, it confirmed that there has been no change in its expectations for the full year and that no new material trading information will be disclosed in the presentation, which will be accessible on the corporate website.