Bunzl acquires further Global Net business in Belgium

Distribution and outsourcing services provider Bunzl PLC LON:BNZL) said it has acquired Etablissements Glorieux SA, which trades as Global Net, from Olivier and Luc Glorieux.

Based in Pecq, Belgium, Global Net is principally engaged in the sale of cleaning and hygiene consumables and equipment throughout the Walloon region of Belgium to contract cleaners, local authorities and other industrial and institutional customers.  Revenue in the year ended 31 December 2009 was €19.6 million and the gross assets acquired are estimated to be €9.6 million.

Bunzl chief executive Michael Roney said: “The acquisition of Global Net is an excellent addition to King Belgium, the business we acquired in 2007.  While King Belgium is focused on the Flanders region, Global Net's core business is in the Walloon region which, as a result, extends our geographic coverage across the whole of Belgium.”