1 April 2011- Aggreko plc, the global leader in the supply of temporary power and temperature control solutions, and N.Z. Generator Hire Limited (“NZ Generator”), a leading provider of temporary power solutions in New Zealand and the Pacific Islands, have satisfied pre-closing conditions for the acquisition agreement announced on 7 March, 2011.
From today, 1 April 2011, N.Z. Generator Hire will trade as Aggreko and will fall under the Aggreko Australia-Pacific region. The total consideration is NZ$27.5 million (£12.7 million). In the calendar year 2010, N.Z. Generator had revenues of NZ$13 million (£6.0 million) and net assets of NZ$22.5 million (£10.4 million).
The acquisition of N.Z. Generator supports Aggreko’s strategy of expanding its local businesses. The operations of Aggreko’s existing business in New Zealand will be merged with those of N.Z. Generator and the combined entity will be the market leader in temporary power in New Zealand and the Pacific Islands.