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[cdn-nucl-l] NNC Holdings to acquire Canadian nuclear waste management specialist Monserco
Posted on The Canadian Press on May 16, 2003 and at:
NNC Holdings to acquire Canadian nuclear waste management specialist
TORONTO (CP) - Monserco, the dominant nuclear waste management company in
eastern Canada, is being acquired for an undisclosed amount by NNC Holdings
Ltd., a British company that also has operations in this country.
"We are excited about the opportunities that Monserco provides to NNC and
its subsidiaries, and believe there is significant potential to grow the
business," Kevin Routledge, president of NNC's Canadian operations, said
Friday. Financial terms of the transaction were not revealed. NNC has 200
employees in its Canadian subsidiary, Nuclear Safety Solutions Ltd.,
although most of NNC's 1,250 employees are based in Britain.
Monserco, a wholly owned subsidiary of AEA Technology PLC, is the sixth
acquisition by NNC since a management buyout in 1999.
AEA, formerly part of United Kingdom Atomic Energy Authority, is a private
company that offers services, products, consultancy, software and technology
transfer in a number of industries.
It operates in 31 countries in Europe, North America, the Middle East and
NNC is currently owned 51 per cent by 3i, a venture capital firm, with 34
per cent held by NNC's directors and staff and the remaining 15 per cent
held by BNFL.
NNC Holdings Ltd. has annual revenues of about $145 million Cdn.
"We are delighted to welcome Monserco staff into the company and look
forward to providing a wider service to the Canadian nuclear market," said
Paul Kershaw, CEO of NNC Holdings.
"This acquisition of Monserco continues to develop one of NNC's key business
strategies, to diversify our client base within the nuclear industry and
increase our international presence."
Monserco enables NNC's Canadian operations to offer a wider range of nuclear
services directly to the Canadian nuclear market, in particular in the waste
management, decommissioning and nuclear technology areas, NNC said.
C The Canadian Press, 2003