Bunzl has acquired two further businesses in the US and the UK and the announced the proposed sale of a business in France.
Bunzl has acquired California-based Revco which is engaged in the design, development and distribution of workplace safety and personal protection equipment to redistributors selling into a variety of end user markets, principally the welding and industrial sectors, throughout the US.
It said revenue in the year ended December 2017 was expected to be US$37 million. Bunzl also said that during December it agreed to acquire the business of the Aggora Group which is principally engaged in the design, supply, installation and maintenance of commercial catering equipment for end user customers throughout the UK. The acquisition was completed in early January.
Revenue in the year ended March 2017 was £27m. Bunzl also announced that in December it received a binding offer relating to the proposed sale of OPM in France.
It said OPM was originally acquired as part of Groupe Pierre Le Goff which was purchased in 2004.
Bunzl said: 'It is a non-core business which has most recently focused on the distribution and sale of SodaStream products to retailers throughout France and the company has decided that it is now an appropriate time to sell the business. Revenue in the year ended December 2017 was €57 million.'
It said the transaction was expected to complete in the first quarter.
Bunzl also said the full implications of new US tax legislation on the group were still being reviewed but it anticipated that there would be no material impact on the results for the financial year ended 31 December 2017 apart from a non-cash, net tax credit due to the revaluation of certain deferred tax balances which will be excluded from the underlying results.
But is aid the changes were expected to reduce the group's effective tax rate for the financial year ending 31 Dec 2018 to approximately 24%.
At 8:21am: (LON:BNZL) Bunzl PLC share price was +24p at 2029p