| Wed 19 Jul 2006, 12:23 | | Trencor /Mobile - Trencors Textainer to manage Gat |
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MBN TRE MOB TED2 MOBD
MOB TRE
Trencor /Mobile - Trencor"s Textainer to manage Gateway"s Container Fleet
TRENCOR LIMITED
(Reg No 1955/002869/06)
("Trencor")
Share Code: ISIN:
TRE ZAE000007506
TED2 ZAE000007282
MOBILE INDUSTRIES LIMITED
(Reg No 1968/014997/06)
("Mobile")
Share Code: ISIN:
MOB ZAE000004602
MBN ZAE000012274
MOBD ZAE000004610
PRESS RELEASE: TRENCOR"S TEXTAINER TO MANAGE GATEWAY"S CONTAINER FLEET
Textainer Equipment Management Limited, Trencor"s 73% foreign subsidiary, and
Gateway Management Services Limited have announced agreement under which
Textainer will purchase from Gateway the right to manage Gateway"s 315 000 TEU
(20-foot equivalent unit) container fleet effective 1 July 2006. Combining
Gateway"s and Textainer"s fleet will result in Textainer managing a fleet of 1
million units (or 1,5 million TEU), making it the largest lessor-operated
container fleet in the world.
"Just as the container shipping industry continues to consolidate, I believe the
container leasing industry should as well. With Textainer"s outstanding track
record, we felt they were the best choice to manage the Gateway fleet. This is
a positive outcome for our customers and suppliers." said Raphael Che, President
and CEO of Gateway.
John Maccarone, President and CEO of Textainer noted that "In the past 19 years,
we have either purchased, or assumed management of the container fleets of six
other lessors, now including Gateway. We strongly believe that more leasing
industry consolidation is justified, and are actively seeking other
opportunities."
Maccarone added "Our strategy is to be the most reliable supplier to our
shipping line customers of containers in high demand locations. We do this not
only by having the largest lessor-operated container fleet in the world, at 1,5
million TEU, but also by purchasing more than 1 million TEU of new containers in
the past 12 years, and by aggressively repositioning off-lease containers.
Increasing our fleet by 28% with the acquisition of the management of the
Gateway fleet will help ensure that we have the containers our customers want in
the locations they want them."
Gateway was founded in 1997 and currently manages a fleet of containers with an
average age of seven years, owned by several independent owners.
Textainer is a 27 year old organisation and a leader in the marine container
leasing industry. It leases standard and special dry freight marine containers
to international shipping lines. It also purchases older containers from its
shipping line customers and sells these containers along with containers being
disposed from its own fleet. With offices and depots in more than 150 locations
around the globe, Textainer serves more than 300 leasing customers, which
include virtually all of the world"s leading international shipping lines and
over 700 container sales customers. Textainer"s highly experienced staff
supervises more than 40 000 equipment transactions per month. Textainer is the
largest lessor of marine containers and is among the largest sellers of second
hand containers in the world.
It is anticipated that, after amortising the cost of purchasing the right to
manage Gateway"s fleet, this transaction will increase Trencor"s earnings by
about US$1 million (R7,2 million) in 2006 and about US$2,3 million (R16,5
million) in 2007.
19 July 2006
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
www.trencor.net
www.mobile-industries.net
Date: 19/07/2006 12:23:09 PM Produced by the JSE SENS Department
