| Mon 7 Apr 2008, 13:39 | | BAW / BAWP - Barloworld Logistics Announces Acquis |
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BAW BAWP
BAW
BAW / BAWP - Barloworld Logistics Announces Acquisition Of Hong Kong
Based Logistics Company
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
(Share code: BAWP)
(ISIN: ZAE000026647)
("Barloworld")
BARLOWORLD LOGISTICS ANNOUNCES ACQUISITION OF HONG KONG BASED LOGISTICS COMPANY
Following on the announcement during March that it had acquired the Swift Group
in Dubai and was in the process of finalising a further acquisition, Barloworld
Logistics today announced the acquisition of Hong Kong based logistics company
Flynt International for US$ 13 million. The purchase price is subject to final
adjustment based on profit and other warranties to be achieved.
Flynt International is a privately held company and has been operating since
1980. Flynt currently employ more than 130 staff with the majority based in Hong
Kong. Other regional offices are located in Beijing, Shanghai and Guangzhou.
Commenting on the acquisition, Warren Erfmann, Barloworld Logistics CEO for
Middle East and Asia, says, "In airfreight, Flynt is one of the top privately
held freight forwarders in Hong Kong, which is very impressive in such a large
market. By combining Flynt and Swift activities in the region we will
significantly enhance our ability to provide supply chain solutions to customers
in the Middle East, Europe and Africa.
Paul Stuiver, Barloworld Logistics CEO, says, "The acquisition of Flynt forms
another link in providing multimodal solutions in the global logistics arena."
Barloworld Logistics is the supply chain management subsidiary of industrial
multinational Barloworld. Since its formation 6 years ago Barloworld Logistics
has grown into a leading South African supply chain management company and a
significant provider of logistics services between South East Asia, the Middle
East, Europe and Africa. Barloworld Logistics also operates in Spain, the UK and
the USA.
Enquiries
Sibani Mngomezulu
011 - 445 1000
Sandton
7 April 2008
Sponsor
J.P.Morgan Equities Limited
Date: 07/04/2008 13:39:01 Produced by the JSE SENS Department.
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