Brambles ready to complete IFCO acquisition

International Business Times
By Christine Jared-Perrin
March 28, 2011

Australian logistics firm Brambles Ltd has announced that it has received final approval from the United States authorities to proceed with its A$1.24-billion acquisition of plastic container pooling service IFCO Systems NV.

Brambles said in a disclosure to the Australian Stock Exchange (ASX: BXB) that the US Federal Trade Commission has approved the purchase of IFCO, a reusable plastic container (RPC) pooling service in Europe and the Americas.

The transaction had already received unconditional merger clearance in all other jurisdictions, Brambles said.

“We are delighted that we will be completing the acquisition of IFCO ahead of our anticipated schedule, and look forward to working with the IFCO team on our integration and growth plans and opportunities to generate substantial synergies,” Brambles chief executive Tom Gorman said in a statement.

“We’re excited about talking to our customers about the opportunities that will arise from this transaction, which will make our RPC operations stronger worldwide, and allow us to broaden our service offering to customers in the USA pallet sector.”

Brambles said it expects to complete the acquisition of IFCO shares by April 4.

Brambles is a provider of supply chain and information management solutions through its two primary businesses, CHEP and Recall. Brambles employs more than 12,500 people in 47 countries.