DCC branch buys Oakwood for €33m
A SUBSIDIARY of diversified Irish group DCC has acquired a British environmental services group for up to €33.3m. DCC Environmental Britain is paying an initial €10.8m in cash for Oakwood Fuels. Up to an additional €22.5m in cash is payable over the next three years, depending on Oakwood's financial performance. Based in Nottinghamshire, Oakwood employs 105 people and reported an adjusted operating profit of €2.5m in the 12 months to the end of last September on €10.5m in revenue.
Website to help drivers rein in costs
A NEW online tool to help motorists reduce their spending has been launched by the National Consumer Agency. The tool, at www.economiser.ie, aims to identify where motorists are overspending. Drivers are shown how their outlay on motor fuel ranks against others who have similar driving patterns and offers practical advice on getting the best value on fuel, servicing and other car-running costs.
UBS axes 500 of its technical staff
UBS is to cut around 500 technical staff as the Swiss bank seeks to reduce running costs. The jobs cut accounts for about 5.7pc of the Swiss bank's IT workforce, which numbers around 8,700 worldwide. UBS is to axe 200 of its 3,500 specialists in Switzerland, and a further 300 in other locations worldwide. An increasingly tough regulatory environment has led some banks to seek to rein in costs. Earlier this month, troubled British banks Lloyds and Royal Bank of Scotland said they would cut some 500 jobs between them. UBS has a fund administration presence in Dublin.
Origin welcomes flotation news
Agri-food group Origin Enterprises has welcomed an earlier announcement by Continental Farmers Group that it plans to float on the junior stock markets in Dublin and London. Continental produces agricultural crops in western Ukraine and northern Poland. Origin took a shareholding in the company in 2008. Continental has raised €16.7m to fund its development programme, meaning Origin holds on to a 24.2pc stake in the enlarged business.