Wavin: First acquisition for the pipe supplier in Greece.

European plastic pipe systems supplier the Wavin Group is to acquire Aristovoulos G Petzetakis’s plastic pipes and fittings Greek business. Wavin has signed a Memorandum of Understanding (MOU) - an agreement formalising the early stages of a deal - with Aristovoulos to purchase the business for €55m. A further £3.4m (€5m) will be paid to Aristovoulos if the business achieves certain financial targets. Due diligence and corporate approvals have yet to be given but Wavin expects to complete the purchase by the April 2007. Wavin’s company headquarters are based in Zwolle in the Netherlands and the company has 16 manufacturing sites and employs 7,300 people. Pro forma sales for 2005 hit €1.4bn.

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