UK waste company Viridor Waste Management Ltd has purchased a Kent-based recovered paper collection company for a total consideration of £9.0m, said Viridor's parent company Pennon Group on Tuesday. Pulp Friction Limited is headquartered east of London in Kent and processes around 100,000 tonnes of paper and card annually, according to Pennon's statement.
The purchase price consisted of £8.6m cash plus acquired net debt and covered Pulp Friction as well as assets and goodwill of a related business, SBS Paper LLP.
Viridor's Chief Executive said that the company expected the acquisition to be earnings enhancing in its first full year of operation.