Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Freightways Makes 2 New Australian Acquisitions

Media Release

Freightways Acquires Information Management Businesses
in Melbourne and Canberra


AUCKLAND, 03 April 2008 – Freightways Limited (FRE) has extended its presence in the Australian information management market with the purchase of National Records Managers (NRM) based in Canberra and Fine Paper Suppliers (FPS) based in Melbourne, both with effect from 1 April 2008.

NRM operates a document and data storage business in Canberra. It will be managed by FRE’s Australian based DataBank team. This acquisition results in DataBank establishing its own direct presence in the Canberra market, having previously operated through an agency arrangement with NRM.

FPS operates a document destruction & paper recycling business in Melbourne. It will be merged with FRE’s existing Shred-X Melbourne operations that were established in July 2007.

FRE’s Managing Director Dean Bracewell confirmed the combined purchase price for the two acquisitions at A$5.9 million. “It is expected that these businesses will generate EBITDA in total of approximately A$1 million in the 2009 financial year.”

“These acquisitions are expected to be immediately EPS (earnings per share) positive,” he says.

FRE which operates in the express package, business mail and information management markets last week also announced the acquisition of Auckland based express package business NOW Couriers. “These recent acquisitions are consistent with FRE’s strategy to develop growth opportunities that complement its existing operations on both sides of the Tasman,” says Mr Bracewell.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO: