Costain Group PLC Costain Joint Venture (3342G)
2012年6月28日 - 3:00PM
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RNS Number : 3342G
Costain Group PLC
28 June 2012
Costain Group PLC
("Costain" or "the Group")
Costain and Severn Trent Announce New Joint Venture
Costain Group PLC and Severn Trent Plc have entered into a new
Joint Venture ('JV') to provide complete business water and
wastewater management services to high volume commercial and
industrial water users.
The new entity, Severn Trent Costain, will combine the skills
and experience of both Severn Trent Services and engineering
solutions provider, Costain, to offer large multi-site water users
a single expert supplier for all of their water and waste water
requirements, from source to disposal. With a cohesive approach to
water management Severn Trent Costain will help customers improve
efficiencies, leverage cost savings, manage legal compliance and
risk management issues, and resolve water efficiency
challenges.
The UK water supply market is undergoing significant change as
Government legislation drives increased business retail competition
in the competitive UK water market. Severn Trent Costain will be at
the forefront of these changes, helping to shape the emerging
landscape, and enabling customers to combine their requirements for
on-site water services with the opportunity to buy their water from
a single national supplier.
Severn Trent Services and Costain have a proven track record in
delivering improved efficiencies in water and waste water
management through an existing joint venture to operate and
maintain over 5,000 assets and 1,300 sites for the Ministry of
Defence, one of the largest PFI contracts in Europe.
The two companies will combine parts of their existing
operations within the JV (see Note 1 below), in which Costain will
have an initial 40% shareholding.
Andrew Wyllie, Chief Executive of Costain, commented:
"Severn Trent Costain will help customers to manage their water
and waste water usage in the most efficient, compliant and
cost-effective way. Increasingly, customers are looking for a
single expert provider who can help plan and manage their
industrial water and waste water use across the full cycle.
"We are delighted to be working with Severn Trent to bring our
combined expertise in consultation, construction and asset
management to bear on this vital issue."
Tony Wray, Chief Executive of Severn Trent said:
"We are delighted to be working with Costain on this new joint
venture. Costain is a long-term partner of Severn Trent Services
and together we have already established a track record for
successful delivery in the UK.
"Severn Trent Services is one of the world's leading suppliers
of water and waste water treatment solutions. Together with Costain
we will take the initiative in opening up the UK market for
business retail competition."
Note 1: Costain will contribute the majority of its water
hygiene testing business into the JV, comprising gross assets of
GBP0.1 million. The business broke even in the last financial
year.
Severn Trent will contribute its UK non regulated, asset
operation & maintenance, water hygiene, developer services and
Design Build Operate (DBO) business into the JV, comprising gross
assets of GBP0.1 million. The business also made a breakeven PBIT
in the last financial year (on revenues of GBP7.8M).
ENDS
Enquiries:
Costain Group PLC 01628 842 444
Andrew Wyllie, Chief Executive
Tony Bickerstaff, Finance Director
Graham Reid, Communications Director
Mark Garraway, College Hill
Helen Tarbet, College Hill 0207 457 2020
Severn Trent Plc 02477 715 640
Tony Wray, Chief Executive
Mike McKeon, Finance Director
John Crosse, Head of Investor Relations
Rob Salmon, Head of Communications
Anastasia Schiach/Martha Kelly, Tulchan
Communications 0207 353 4200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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