Acquisition
May 16 2001 - 8:19AM
UK Regulatory
RNS Number:7009D
Morgan Sindall PLC
16 May 2001
MORGAN SINDALL PLC
("Morgan Sindall" or "the Company")
Acquisition of Carillion Housing
Carillion plc and Morgan Sindall have signed heads of terms for the sale of
the business and assets of Carillion Housing to Lovell, a subsidiary of Morgan
Sindall plc, thereby creating the UK's largest affordable housing company.
Combining the well balanced expertise of the two businesses will considerably
enhance Lovell's ambitious targets for growth through a shared understanding
of customers needs and markets.
The two businesses bring complementary skillsets:
Carillion Housing Lovell
Refurbishment (residents in New build
occupation)
Strong Scottish base Major player in London
Relationships with local Relationships with housing associations
authorities
Urban Regeneration Urban Regeneration
Mixed tenure development with new homes for
sale
Carillion will continue to pursue Private Finance projects in the social
housing market. However for PFI construction work in this sector Carillion and
Morgan Sindall intend to develop partnership arrangements.
The proposed acquisition of Carillion Housing would accelerate the development
of Lovell which was purchased by Morgan Sindall in 1999. Morgan Sindall's
strategy is to acquire businesses that further its brand leading position of
each of its divisions.
John Morgan, Executive Chairman of Morgan Sindall, says:
"Lovell is a natural home for Carillion Housing creating by far the largest
and most accomplished social housing specialist in the UK and the only
organisation with a truly national total capability."
The Company will make a further announcement once it has entered into a
binding acquisition agreement.
16 May 2001
ENQUIRIES:
Morgan Sindall plc Tel: 020 7307 9200
John Morgan, Executive Chairman
College Hill Tel: 020 7457 2020
Matthew Smallwood
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