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Rentokil completes JV with Haniel

30 June 2017 09:04

Rentokil Initialand Franz Haniel & Cie. GmbH have announced the completion of their agreement to form a joint venture that would become a leading provider of Workwear and Hygiene services in Europe.

The JV brought together Rentokil Initial's Workwear and Hygiene businesses in 10 countries principally in the Benelux and Central Europe regions with Haniel's businesses in 16 countries that operated under the CWS-boco brand.

In the 12 months to 30 June 2016, the JV had combined revenues of c. EUR1.1bn and APBITA of over EUR130m.

"We are delighted that the joint venture has completed on schedule," said Rentokil's CEO, Andy Ransom.

"The deal aligns with our value-creating capital allocation model perfectly, as not only does it increase our ability to invest in our core growth categories of Pest Control and Hygiene, but it also protects value through an investment in a leading European Workwear and Hygiene business.

"It represents a step change in the execution of our strategy with 80% of group revenues now coming from Pest Control and Hygiene services."

At 9:04am: (LON:RTO) Rentokil Initial PLC share price was -0.8p at 271.9p

Story provided by StockMarketWire.com

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