Brambles Industries PLC
01 July 2003
BRAMBLES ANNOUNCES SALE OF MEINEKE
Brambles Industries has reached agreement for the sale of the Meineke Car Care
Centers ('Meineke') business to an investor group comprised of Carousel Capital,
headquartered in Charlotte, North Carolina, The Halifax Group, based in
Washington DC and Dallas, Texas, and members of Meineke management. Meineke is
one of the leading specialist automotive service franchises in the Americas.
Cash consideration of US$68.5 million is payable on completion and is subject to
adjustment to reflect the level of working capital at that time. The net assets
to be sold are approximately US$17 million under UK GAAP and US$9 million under
A GAAP (the difference being due to the treatment of goodwill).
In the year to 30 June 2002 the business had sales of US$35 million and earnings
before interest, tax and amortisation of US$11 million.
The sale is expected to be completed within the next 30 - 45 days and is subject
to customary conditions precedent.
1 July 2003
Brambles Industries is globally headquartered in Australia
Contacts for further information
Investor John Hobson, Head of Investor Relations +61 (0) 2 9256 5216
+61 (0) 414 239 188 (mobile)
Australia Jeannette McLoughlin +61 (0) 2 9256 5255
Group General Manager Corporate +61 (0) 401 990 425 (mobile)
UK Richard Mountain, Financial Dynamics +44 (0) 20 7269 7291
Brambles is a leading global support services provider with operations in more
than 50 countries across Europe, the Americas, Asia-Pacific and Africa. With
full year 2002 turnover of approximately A$8.45 billion / £3 billion, operating
profit of more than A$1,127 million / £400 million and assets of A$10.42 billion
/ £3.7 billion, it employs some 31,000 personnel worldwide. Its key global
businesses are CHEP, CLEANAWAY and RECALL.
• CHEP is the world's pioneer and leader in the provision
of pallet pooling services. CHEP pallets facilitate the efficient operation of
supply chains for most of the developed world's leading international FMCG (Fast
Moving Consumer Goods) companies. These companies require the fast availability
of high quality pallets and other types of standard loading equipment and
transit packaging wherever they operate. CHEP meets this need through its
global reach and scale, combined with its proven logistics and supply chain
management capability and its established pallet pools and infrastructure in 40
• CLEANAWAY is a leader in the collection, sorting,
recycling, transfer and disposal of waste, particularly in UK, Germany and
Australia. Through Cleanaway Germany, it is one of the largest paper recycling
and trading businesses in Europe.
• RECALL is a global business managing physical and digital
documents through their entire life cycle.
Brambles also has a number of other global and regional businesses, such as
Industrial Services and Interlake Material Handling.
This information is provided by RNS
The company news service from the London Stock Exchange