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Loscam sold to state-owned Chinese company


Hong Kong-based China Merchants Group has completed the acquisition of Loscam.
 
Loscam is a leading pallet pooling company with a strong market position in Australia and other Asian countries, including Thailand, Indonesia, Singapore, the Philippines, Hong Kong, Vietnam, Malaysia and China. After the acquisition, the existing management will continue to own equity in the business under the terms of the transaction.
 
China Merchants Group is a PRC state-owned business which was established in 1872. It is a diversified conglomerate with a focus in three core business segments:
  • Transportation & related infrastructure.
  • Property development & management.
  • Financial investment & asset management.

China Merchants Group’s consolidated total assets were over US$39 billion as of  31 December 2009. The acquisition is China Merchants Group’s first entry into the pallet pooling industry.

President of China Merchants Group Dr Fu Yuning said the acquisition was a significant landmark for the group.
 
“The addition of Loscam to our group is a major milestone and provides a great opportunity for our business,” he said. “Loscam is the first major overseas acquisition by China Merchants Group outside of the Asian region.
 
“Loscam is a business that has enjoyed strong historical growth, and it has the potential for significant future growth. We have full confidence in the management team to deliver on this potential with our support.
 
“Through our broad range of business ventures in China and Hong Kong, I am sure we will bring extensive China knowledge to Loscam. The acquisition will also further extend the capabilities of China Merchants Group existing supply chain infrastructure and services business and enhance and optimise our service offerings” said Dr Fu.
 
Loscam chief executive officer Mark Daniel said that it was an extremely positive outcome for Loscam, with the company set to benefit from the change.
 
“We are all extremely excited about the opportunities that the new ownership will bring to Loscam,” said Mr Daniel. “Importantly, it will be business as usual: the management team will continue to run the business with the same values and customer-centric approach as we have demonstrated successfully in the past.
 
“Under the new ownership, the company is set to benefit considerably as a result of synergies with other China Merchants Group businesses, and through their experience in China. These factors are expected to result in a fast tracking of our overall growth plans and our ability to meet customer needs.
 
“This is a great outcome for everyone: Our customers, the team at Loscam, our old owners, and the new owners, China Merchants Group.”

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