DCC completes Statoil LPG buyout
DCC has completed the acquisition of Statoil Fuel and Retail's industrial liquid petroleum gas (SFR LPG) business in Sweden and Norway
The deal, which was originally announced in September, sees DCC take over all the assets and contracts of the business.
SFR LPG is one of the leading distributors of bulk LPG to industrial and commercial customers in Sweden and Norway.
The company employs about 20 staff. SFR LPG sells approximately 260,000 tonnes of LPG per annum, with transport outsourced to third party hauliers. The employees will be transferred with the business. At the time the deal was announced, DCC said it planned to re-brand the business as Flogas.
The net tangible fixed assets of SFR LPG at completion, together with the net working capital investment required, are expected to amount to €11m.
"This acquisition is an important step in DCC Energy's planned expansion of its LPG business beyond Britain and Ireland," said DCC boss Tommy Breen.
"Together with our existing oil distribution businesses in Denmark and Sweden, this acquisition increases the scale of DCC Energy's activities in Scandinavia," he claimed.
Shares in DCC were off 1.04pc at the close in Dublin yesterday, at €23.75.