Laundry Co. Sold To SSL

Spotless Services (NZ) Ltd announced the acquisition of Laundry & Dry Cleaning Services Ltd (LDC) by the Taylors Group today. Spotless controls 66% of Taylors Group.

Managing Director Maurice Nicholson said that the acquisition provided a significant strengthening to Taylor¡¦s industrial services segment, while also offering to the company additional specialist expertise in new laundry markets.

¡§LDC is exceptionally well run and has an enviable reputation with its clients and in the market generally. We are very pleased that we have been able to acquire this company¡¨, said Mr Nicholson.

The acquisition, by way of share purchase, will be completed on Friday 30 March 2001. The purchase price is approximately NZ$6.2 million.

LDC is a family owned and run company offering full service laundry and dry cleaning services to a range of customers in the Auckland region. It employs approximately 120 people. No LDC staff would be made redundant as a result of the acquisition by Taylors.

LDC specialises in three key areas:

„« Airlines ¡V laundry services to all airlines landing at Auckland International Airport including in-flight catering operators, ramp & baggage operations and ground staff.

„« Industrial ¡V industrial and commercial laundry services.

„« Hotel and Corporate ¡V linen rental to the hospitality, hotel and business sector including clients such as the Heritage and Sky City.

Taylors Group employs more than 500 staff and has an annual turnover in excess of $39m. It provides laundry services to the Health, Hospitality/Hotel and Industrial sectors.

For more information please contact:
Maurice Nicholson, Managing Director
Mob: 021 945 301 Phone (09) 526 3620

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