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Brambles Industries (BI.)

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Thursday 08 August, 2002

Brambles Industries


Brambles Industries PLC
08 August 2002


Brambles has reached agreement to sell its German equipment rental business
Gardemann.  The business will be sold to a leveraged buyout group (Gardemann
Access Holdings GmbH) led by former Brambles managers.

The purchase consideration for the business is Euro 24.65 million.  Brambles
will receive Euro 18.73 million of the consideration as cash.  The remaining
consideration of Euro 5.92 million will be retained in the buyout group as
mezzanine funding, repayable on or before 8 August 2008.  In addition to the
consideration outlined above, Brambles will be granted a 15% free carried
interest in the buyout vehicle.

The sale will generate a profit (after tax) to Brambles of approximately Euro 5
million and will not have a material effect on the Group's earnings.

The sale of Gardemann marks the successful completion of the asset divestment
programme announced by Brambles since the DLC merger.  Under the programme the
following businesses were divested:

  • CAIB (Wagon Rental)
  • Ensco
  • Brambles Equipment Services Inc
  • Wreckair
  • North West Shipping and Towage
  • United Transport
  • Jardine Shipping
  • Waste Energy Partners
  • Gardner Perrott
  • Gardemann

The proceeds from the divestment programme totalled approximately A$1.25

8 August 2002

For further information, contact:


Media:                  Richard Mountain, Financial Dynamics             +44 (0) 20 7831 3113
Investor and Other:     Sue Scholes, Head of Investor Relations          +44 (0) 20 7659 6012


All Enquiries:          Ron Burke                                        +61 (0) 2 9256 5255
                        Group General Manager, Corporate Affairs
                        Edna Carew
                        Group Manager Communications                     +61 (0) 2 9256 5204

The Brambles Industries Group is globally headquartered in Sydney, Australia.

                      This information is provided by RNS
            The company news service from the London Stock Exchange