Acrow Formwork and Construction acquires Heinrich Screens Assets

Acrow Formwork and Construction Services Limited (ASX: ACF) announced the acquisition of Heinrich Plant Hire's screen assets, including intellectual property and existing and secured hire contracts. Cash and debt will be used to cover the AU$11.5 million transaction price.

The company estimates that the return on investment in Year 1 will surpass the required hurdle rate for growth capital investment and hence has the potential to contribute materially to the company's earnings in FY24.

Secured Hire Contract Wins Update

ACF’s Secured hire contract wins climbed by 34% in the nine months to 31 March 2023 compared to the prior equivalent period. March saw AU$6.8 million in hiring contract wins.

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