AMSTERDAM, Oct. 19, 2001 (PRIMEZONE) -- IFCO Systems N.V. ("IFCO Systems") (Frankfurt:IFE) (Nasdaq:IFCO) announced today that it has completed the sale of 12 pallet manufacturing facilities in Florida, Georgia, Indiana, Louisiana, Maine, North Carolina, Texas and Wisconsin to PalletOne, Inc.
The businesses sold for U.S. $48.25 million. After a loan due to IFCO, to be repaid within 6 to 12 months in the amount of U.S $1.76 million and associated transaction costs, the net cash proceeds of U.S. $45.3 million will be used to pay down debt.
IFCO Systems North America President Jim Griffin added, "The divestiture of the new pallet manufacturing operation is consistent with our strategy to focus on our core business of reusable systems. We are pleased to already have a solid working relationship with the PalletOne team, which will ensure a seamless transition for customers."
IFCO Systems will remain the largest pallet recycling services company in North America with over 60 facilities throughout United States and Canada. IFCO Systems is a global logistics systems and service provider with an international network of more than 160 facilities, primarily in North America and Europe. IFCO Systems operates round-trip container ("RTC") systems, which include containers for consumer goods, pallets and industrial containers. IFCO Systems owns and manages the leading rental pool of round-trip containers for consumer goods in Europe and the second largest rental pallet pool in North America. It is also the largest provider of recycled pallets and industrial container reconditioning services in North America.