Brambles Profit Rises, to Spin off IFCO RPC Unit
23 Agosto 2018 - 5:56PM
Noticias Dow Jones
By David Winning
SYDNEY--Logistics company Brambles Ltd. (BXB.AU) reported a
sharp rise in annual profit and said it will spin off or sell a
business that supplies crates for moving fresh produce to retailers
in Europe, Asia and the Americas.
Brambles reported a net profit of US$747.1 million for the 12
months through June, up from US$182.9 million a year ago. The
result included a US$127.9 million benefit resulting from the U.S.
tax reform while US$120 million in impairment charges that weighed
on its result a year ago weren't repeated.
Directors of the company declared a final dividend of 14.5
Australian cents a share, in line with the payout a year
earlier.
Brambles said it has decided to spin off its IFCO RPC business,
following on from February's sale of its North American recycled
whitewood pallets business to a Colorado-based private equity firm
for US$115 million including debt and subsequent sale of a stake in
an oil-and-gas joint venture with Hoover Container Solutions.
"Although both CHEP and IFCO operate pooling models, they are
distinct businesses with different financial profiles and customer
propositions," Brambles said. "There is no meaningful operational
overlap or customer-related synergies between CHEP and IFCO that
would be lost as a result of a separation."
Brambles said it will also consider whether a sale of IFCO would
be a better outcome for shareholders than a demerger.
As part of the separation, Brambles said it would "also
undertake an evaluation of its capital structure to ensure it is
optimal for supporting future growth and shareholder returns while
still maintaining a strong balance sheet and credit profile."
-Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
August 23, 2018 18:41 ET (22:41 GMT)
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