Crawford & Company Cleared to Commence Integration of GAB Robins Business
(Thomson Reuters ONE) -
For more information contact:
Lynn Cufley +44 (0) 207 265 4067
lynn.cufley(at)crawco.co.uk
5 March 2015
Crawford & Company Cleared to Commence Integration of GAB Robins Business
LONDON - Crawford & Company UK is pleased to announce that the UK Competition &
Markets Authority (CMA) has decided to lift the ban on integration earlier than
anticipated, meaning that Crawford and GAB Robins can now act as one company.
The CMA has been reviewing our acquisition of GAB Robins and their review
remains on track for a final decision by 1 April 2015. The CMA review has meant,
in line with standard practice, we have been prohibited from acting together as
one company. In particular, we have not been allowed to discuss business
opportunities together or present ourselves together either to customers or
internally.
Crawford and GAB Robins are now permitted to conduct their business as a
combined entity, and the process of integration can now begin.
"We are delighted that we can now implement our strategic objectives as we begin
the process of integration," says Jeffrey T Bowman, president and chief
executive officer, Crawford & Company.
Ian Muress, chief executive officer, Europe, Middle East, Africa & Asia Pacific,
Crawford, added: "It is great to be able to formally welcome our new colleagues
and I look forward to working with them through the integration process. We can
now plan for this new era in the company's history with renewed optimism."
Kieran Rigby, chief executive officer at GAB Robins, concluded: "This is a great
opportunity to create a compelling loss adjusting and claims management service
that combines the very best of what GAB Robins and Crawford have to offer. I
would like to thank our clients and employees for their patience during the past
months and look forward to discussing our new business with the market."
- End -
Notes to News Editor:
About Crawford
Based in Atlanta, Ga., Crawford & Company (www.crawfordandcompany.com) is the
world's largest independent provider of claims management solutions to the risk
management and insurance industry as well as self-insured entities, with an
expansive global network serving clients in more than 70 countries. The Crawford
Solution(SM) offers comprehensive, integrated claims services, business process
outsourcing and consulting services for major product lines including property
and casualty claims management, workers compensation claims and medical
management, and legal settlement administration. The Company's shares are traded
on the NYSE under the symbols CRDA and CRDB.
About GAB Robins
On December 1(st) 2014, Crawford acquired 100% of the shares of GAB Robins in a
deal worth £45.8 million (US$73.3 million). Revenues for the year ended December
31, 2013 for GAB Robins were £68.6 million (US$91.1 million). At the time of
announcing the deal, Crawford expected that the transaction will be relatively
neutral to slightly negative in terms of earnings accretion in the first year,
as the benefits are expected to be offset by integration costs during 2015.
However, Crawford expects the acquisition to be accretive in the second year and
beyond, adding in excess of $0.15 in diluted earnings per share annually.
# # #
For more information, please contact:
Lynn Cufley, Communications Director
T: +44 (0) 207 265 4067
M: +44 (0) 7585 901936
lynn.cufley(at)crawco.co.uk
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Crawford & Company via GlobeNewswire
[HUG#1899860]
Unternehmensinformation / Kurzprofil:
Datum: 05.03.2015 - 17:46 Uhr
Sprache: Deutsch
News-ID 376554
Anzahl Zeichen: 4560
contact information:
Town:
ATLANTA
Kategorie:
Business News
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