Gleeson picks Speedy for plant needs

Gleeson has signed an exclusive five-year contract for subsidiaries of Speedy Hire to meet its plant hire needs.

As part of the contract, Speedy Hire will acquire the plant assets of GL Plant, Gleeson's plant business, for £8.2m, payable in cash upon completion. This division had assets of £4.2m at 30 June 2004.

Gleeson Construction Services managing director Tony Collins said: "I am delighted that we have been able to negotiate this arrangement with Speedy Hire, which will provide the group with considerable benefits over the next five years and is consistent with our strategy of improving operational and financial efficieny in our core activities."