National Hire Group subsidiary Coates Hire says it has entered an agreement to acquire equipment rental counterpart Tru Blu Hire.
National Hire Group announced today that Coates would acquire Tru Blu, along with its updated earnings guidance for the 2011 financial yea
Tru Blu hires building, construction and earthmoving equipment from 22 locations in Western Australia and South Australia.
National Hire said it expected its net profit after tax for FY 2011 to reach $26.5 million, up from the $20 million to $25 million it forecast in February.
The estimated results remain subject to the finalisation of National Hire’s acquisition of the Sykes Group, audit sign off and board approval.
National Hire said the acquisition by Coates of Tru Blu would not be material to the financial position or results of the group.
Its stock was steady at $1.45 at 1:10PM today.
