Brambles to sell its re-usable plastic containers business
Brambles has announced its plans to sell its IFCO re-usable plastic containers (RPC) business for US$2.51 billion to Triton and Luxinva (a wholly owned subsidiary of the Abu Dhabi Investment Authority). The binding agreement will now be subject to customary regulatory approvals and is expected to be completed during the second quarter of calendar year 2019.
Brambles Chairman Stephen Johns said: “In August 2018, we announced that we would seek to separate IFCO through either a demerger or a sale by way of a dual track process. We are pleased today to announce the sale of IFCO, which we believe delivers greater value for shareholders, including a significant return of cash proceeds to shareholders.
“The interest shown in IFCO during the separation process is testimony to how highly appreciated the IFCO business is, and we wish Wolfgang Orgeldinger and his team every success in the future,” said Johns.
Brambles CEO Graham Chipchase said: “The sale will allow Brambles to focus on our strategic priorities and to pursue continued revenue growth within our core markets, while also reviewing additional opportunities in emerging markets, through product and service innovation and use of technology through the supply chain. Our ambition remains to lead the platform pooling industry in customer service, innovation and sustainability.”
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