AGK Aggreko Plc

TIDMAGK

RNS Number : 6013G

Aggreko PLC

09 August 2016

9 August 2016

Aggreko plc

AGGREKO ACQUIRES DRYCO LLC

Aggreko plc is pleased to announce that, in line with its business priorities, it has entered into an agreement to acquire substantially all of the assets associated with, and used in connection with DRYCO, LLC a specialist in moisture control, drying, heating, and cooling applications within the shipping, manufacturing, food processing, construction, and industrial painting industries.

The agreement is contingent on the satisfaction of a number of pre-closing conditions usual for a transaction of this type.

The acquisition further strengthens Aggreko's capabilities with a wide breadth of technical skills and specialty HVAC equipment to deliver solutions that help customers achieve their desired results. With ten full service locations in North America, DRYCO has built a strong customer list within its targeted industries.

Aggreko's acquisition of DRYCO will add more than 60 experienced and skilled employees and more than 6,000 fleet assets to the Rental Solutions business. Following a period of transition, Aggreko plans to fully integrate the operations of DRYCO into its North America business while developing expansion plans to enter additional sectors and global markets. DRYCO's 2015 revenues were US $19 million.

Chris Weston, Chief Executive, said: "This acquisition combines the deep technical strength of two highly respected market leaders and provides our customers with an unparalleled range of solutions that can address their HVAC and moisture control needs. It also gives Aggreko an opportunity to further support our rapidly expanding customer base within the shipping, food & beverage, and painting & coatings industries."

Enquiries

Investors & Analysts

   Tom Hull, Aggreko plc                                        +44 7342 056 727 

Media

   Liz Morley/Sam Cartwright, Bell Pottinger            +44 20 3772 2500 

Notes to Editors

Founded in 2000, DRYCO, LLC specializes in moisture control, drying and restoration solutions across the USA. Services include industrial and structural dehumidification, drying, emergency climate control, and small temporary power.

DRYCO is headquartered in Downers Grove, IL.

This information is provided by RNS

The company news service from the London Stock Exchange

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