KIER GROUP PLC — M&A Activity 2014

Dec 22, 2014

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 3653A

Kier Group PLC

22 December 2014

For release at 0700 hours on 22 December 2014

KIER GROUP PLC

KIER JV SECURES £1.0BN THAMES WATER INFRASTRUCTURE ALLIANCE

Kier Group plc ("Kier"), the leading property, residential, construction and services group, announces that it has been named, in joint venture with Clancy Docwra, as a preferred bidder for Thames Water's major new £1.0bn alliance, with an estimated value to the joint venture of £500m over the next five years.

The contract, which demonstrates Kier's position as a market leader in utilities management and maintenance, is expected to commence in April 2015 and will run for up to 15 years. It will include an option to extend the arrangements to the AMP7 and AMP8 business plans.

The KCD joint venture, which has worked previously on Anglian Water contracts, will leverage the combined expertise of the contract teams for this AMP6 programme. They will offer a range of services, including water maintenance and construction services, logistics management and customer services.

Commenting on the announcement, Haydn Mursell, Chief Executive of Kier, said: "With this contract, Kier further demonstrates its strengthened integrated construction and services capabilities following the acquisition of May Gurney last year. Through our joint venture with Clancy Docwra, we will be able to support Thames Water in this innovative new alliance, helping them to maximise the performance of their estate and their assets for the benefit of their customers."

-ENDS-

Contacts:

Faeth Birch/Daniela Fleischmann (Finsbury):              +44 (0) 20 7251 3801

Kier press office:                                                                 +44 (0) 1767 355 869 / +44 (0) 7791 719452

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGGGGCPUPCGAB