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BARLOWORLD LIMITED - ACQUIRES DUTCH HYSTER DEALERSHIP
BARLOWORLD LIMITED
ISIN: ZAE000026639
Share code: BAW
("Barloworld")
BARLOWORLD ACQUIRES DUTCH HYSTER DEALERSHIP
International industrial brand management company Barloworld Limited has
acquired 100 percent of Geveke Intern Transport B.V. in Holland, for
Euro4.9 million (R41 million).
The purchase includes Geveke"s rental lift truck fleet of over 1000 long term
and short term rental units owned by a joint venture Geveke Heftruck Verhuur
B.V. The company, which employs 150 people, has an annual revenue of
Euro30 million (R251 million) with a 2002 operating profit (including profits
from the joint venture) of Euro500 000 (R4.2 million).
The deal, in which net assets were valued at Euro2.9 million (R24 million) and
goodwill at Euro2 million (R17 million) will be funded from Barloworld"s
existing cash resources in Europe.
Announcing the acquisition, Tony Phillips, chief executive officer of Barloworld
said: "This expansion of our materials handling business is part of our long
term strategy to grow our company by adding more territory in the things we do
well. The geographic coverage of Geveke in Holland is adjacent to our existing
operations in Belgium and the United Kingdom and will form an integral part of
our European Industrial Distribution business."
Prior to the acquisition of Geveke, Barloworld"s Industrial Distribution
business employed 3 200 people in the US, UK and Belgium, had sales in 2002 of
GBP384 million (R6 014 million) and a combined long and short term lift truck
rental fleet of 25,000 units.
Geveke has been the Hyster dealer for Holland for 50 years.
Brandon Diamond, chief executive officer of Barloworld Industrial Distribution,
speaking from Charlotte, North Carolina said: "We are looking forward to
including Geveke in our Hyster dealership network, and using Barloworld"s
expertise to add value to Geveke"s customers."
He said that the company"s name would be changed to Barloworld Intern Transaport
to strengthen its alignment with the Barloworld group identity and values.
Lex Knol will remain as managing director.
Barloworld is the world"s largest independent lift truck dealer and has
represented the world-leading Hyster brand since 1929. Geveke Intern Transport
will be added to its footprint of Hyster dealerships in the southeast United
States, United Kingdom and Belgium.
The effective date of the transaction was October 1, 2003.
For background information contact:
Mark Drewell,
Barloworld Head of Corporate Communication
+ 27 11 445 1204,
e-mail: mdrewell@barloworld.com
or visit www.barloworld.com
Geveke Intern Transport website:
www.gevekeinterntransport.nl
Johannesburg
21 October 2003
Date: 21/10/2003 10:17:04 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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