Grindrod Limited - Grindrod Buys Commodity Trading & Shipping Business
Grindrod Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/0009846/06)
(JSE Code: GND & ISIN Code: ZAE000052247)
(`Grindrod` or `the Company`)
GRINDROD BUYS COMMODITY TRADING & SHIPPING BUSINESS
Grindrod today announced that it had purchased certain of the external commodity
trading & shipping operations of Seaboard Corporation of Kansas City, USA.
In an agreement reached today, parties have agreed that the business will be
purchased as a going concern with a substantial number of staff currently
employed in the operation joining the Grindrod group through a newly formed
operation, Atlas Trading & Shipping.
Ivan Clark, the managing director of Grindrod said, `We have come to an
agreement with Seaboard Corporation whereby the business is purchased as is and
therefore it is business as usual as far as customers and suppliers are
concerned and Grindrod will be fully backing Atlas Trading & Shipping.`
He went on to say `This acquisition was the beginning of the development of a
commodity trading arm within the Grindrod stable and was a valuable addition to
the operation of Grindrod as it would compliment current shipping operations of
the group, particularly Island View Shipping and the logistics division.
The business is operated out of Bermuda and South Africa and is a major trader
and supplier of agricultural commodities worldwide.
Grindrod has recently announced its acquisition of a 50% share in Sheltam Rail
and this current acquisition will see the group further diversifying its
activities but remaining focused on its core business of shipping and logistics.
Ivan Clark added `We have promised investors that we will continue to diversify
our activities to counter shipping cycles and this is yet another
diversification.` He went on to say `The group plans to grow its commodity
trading activities through this acquisition and other avenues. It is really
exciting to buy into businesses which are complementary to our shipping and
logistics operations but provide us with a far broader base of diverse
activities.`
Contact Details
I A J Clark
Managing Director - Grindrod Limited
082-891 3587
031-304 1451
T J T McClure
Managing Director - Island View Shipping
083-251 4971
031-240 8300
Date: 24/05/2005 01:15:15 PM
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