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Reusable, IFCO Systems acquires Steco Group
Germany
Wednesday 30 April 2008
IFCO Systems announced on April 16 that it signed an agreement on the acquisition of all of the shares of STECO Holding GmbH and its subsidiaries. STECO is one of Europe's notable service providers for reusable plastic containers (RPCs). In 2007 STECO generated revenues of 66.0 million dollars.
The completion of the acquisition is subject to merger clearance as well as certain other closing conditions.
“The acquisition of the STECO group is a perfect strategic move for IFCO and underscores our commitment to the European RPC market and makes IFCO the market leader and driving force in the European industry”, said Karl Pohler, Chief Executive Officer, IFCO Systems N.V.
The acquisition will be funded by IFCO's own cash resources and a sellers note.
IFCO Systems is listed on the Frankfurt stock exchange and is indirectly majority owned by funds advised by Apax Partners Worldwide LLP.
IFCO Systems is an international logistics service provider with more than 180 locations worldwide. It operates a pool of more than 85 million Reusable Plastic Containers (RPCs) globally, which are used primarily to transport fresh produce from producers to leading grocery retailers. With more than 100 million pallets sorted, repaired and recycled annually, IFCO Systems is the market leader in this industry. In 2007, IFCO Systems generated revenues of 692.5 million dollars.
The completion of the acquisition is subject to merger clearance as well as certain other closing conditions.
“The acquisition of the STECO group is a perfect strategic move for IFCO and underscores our commitment to the European RPC market and makes IFCO the market leader and driving force in the European industry”, said Karl Pohler, Chief Executive Officer, IFCO Systems N.V.
The acquisition will be funded by IFCO's own cash resources and a sellers note.
IFCO Systems is listed on the Frankfurt stock exchange and is indirectly majority owned by funds advised by Apax Partners Worldwide LLP.
IFCO Systems is an international logistics service provider with more than 180 locations worldwide. It operates a pool of more than 85 million Reusable Plastic Containers (RPCs) globally, which are used primarily to transport fresh produce from producers to leading grocery retailers. With more than 100 million pallets sorted, repaired and recycled annually, IFCO Systems is the market leader in this industry. In 2007, IFCO Systems generated revenues of 692.5 million dollars.
