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CMG buys controlling stake in Loscam
By Pan Xiaoyi |
July 5, 2010, Monday
|
Online Edition
Online Edition
PORT operator China Merchants Group said today it has acquired a controlling stake in Australia's Loscam Ltd to make its foray into the pallet pooling business.
The Hong Kong-based company did not disclose the size of the stake nor the value of the deal but media reports suggested the company was worth between US$650 million and US$700 million.
Loscam is a leading provider of pooling service for pallets and packaging in Australia, Southeast Asia and China. It has demonstrated stable profitability and growth with about10 million pallets in operation.
Pallets are the most basic form of transportation and storage equipment in the logistics sector. While developed countries have established pallet pooling systems, the pallet hiring sector in China is still in its infancy.
"With the development and modernization of the retail sector and supply chain management, as well as the continuous and further implementation of the national pallet standardization policy, this sector possesses an enormous growth potential," China Merchants Group said.
"Not only does the pallet pooling sector possess an excellent growth outlook, it is also expected to create strong synergies with the existing port and logistics business of the group," the company added.
China Merchants Group is a state-owned with over US$39 billion total assets as of December 31, 2009. It is a diversified conglomerate with business covering logistics, ports, shipping containers and property development.
The Hong Kong-based company did not disclose the size of the stake nor the value of the deal but media reports suggested the company was worth between US$650 million and US$700 million.
Loscam is a leading provider of pooling service for pallets and packaging in Australia, Southeast Asia and China. It has demonstrated stable profitability and growth with about10 million pallets in operation.
Pallets are the most basic form of transportation and storage equipment in the logistics sector. While developed countries have established pallet pooling systems, the pallet hiring sector in China is still in its infancy.
"With the development and modernization of the retail sector and supply chain management, as well as the continuous and further implementation of the national pallet standardization policy, this sector possesses an enormous growth potential," China Merchants Group said.
"Not only does the pallet pooling sector possess an excellent growth outlook, it is also expected to create strong synergies with the existing port and logistics business of the group," the company added.
China Merchants Group is a state-owned with over US$39 billion total assets as of December 31, 2009. It is a diversified conglomerate with business covering logistics, ports, shipping containers and property development.
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