CEVA sells IBC businesses

Europe

Monday, December 17, 2012

CEVA Logistics will sell its Pallecon business, an intermediate bulk container (IBC) services provider with operating divisions in Europe and Asia-Pacific, to Brambles Ltd. of Australia for $177 million. Pending approval, CEVA expects the transaction to close in the first quarter of 2013. According to a Brambles press release, it will fund the purchase from bank-borrowing facilities. Pallecon’s management team will stay in place under the new ownership. “...

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