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Brazil And China Open Up For G4S Date: Tuesday, November 10, 2009 |
Security specialist G4S is planning to expand its operations in Brazil and China following a rule change that allows more foreign investment. Chief Nick Buckles said he has a few medium-sized deals in the pipeline. The firm expects to shell out £100m a year on acquisitions, and the group has spent about £55m so far in 2009. He added: 'We're looking to enter Brazil and invest more in China in 2010 after regulations changed there, meaning we can now, as a foreign company, own security firms in China.' Buckles was speaking as G4S (down 2.9p at 249.9p) said nine-month sales were boosted by demand from emerging economies and an increase in government spending. In an update, the company said operating profit was up 12% on sales up 9% for the first nine months. G4S, which provides private security for a range of activities including rock concerts, overseas embassies, and prisoner transfer, is expected to report full-year profits of about £365m. Recent contracts have included the running of immigration detention centres for the UK Border Agency at Brook House and Tinsley House near Gatwick. And an electronic monitoring contract worth £40m a year has also been extended for a further two years. Courtesy of SecurityOracle.com - The Secury Industry's Portal |