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Haniel and Rentokil Initial sign agreement to form European service company
30th of December 2016
Haniel and Rentokil Initial have signed an agreement to create a joint venture to create a European company for workwear, cleanroom and hygiene services.
After acquiring the continental European business from Rentokil Initial in the areas of hygiene, workwear and cleanroom services, Haniel will hold around 82 per cent of the shares, while Rentokil Initial will hold around 18 per cent. The aim is to complete the process of establishing the joint venture under the CWS-boco holding roof by the middle of 2017.
“Our acquisition and the establishment of the joint venture will further improve the future viability of our sustainable portfolio,” said Haniel ceo Stephan Gemkow. “CWS-boco and Initial will have an excellent opportunity to continue their current successful development in the attractive market for workwear, cleanroom and hygiene services.”
Over the course of the further implementation that is to take place by mid-2017, the European CWS-boco activities in 17 countries and Initial activities in 10 European countries will be combined. This does not include the Initial activities in UK and France, which will continue to be managed by Rentokil Initial after the implementation of the joint venture.
Rentokil Initial will retain its pest control, plants, specialist hygiene, medical and dental operations, too. Rentokil Initial also has options to acquire the business in Italy and the washroom and mats business in Ireland.
The joint venture will still be based at the headquarters of CWS-boco in Duisburg. The current CWS-boco management headed by ceo Max Teichner will manage the newly formed company.
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