IFCO Systems has bought out the remaining two-thirds of its IFCO Japan business from shareholders in a move that values the Japanese enterprise at US$39.7m.
Parent company Brambles announced the acquisition on 20 August, stating that the move to full ownership was part of its plans to expand its reusable plastic container business in Japan.
The acquisition has been IFCO System’s largest investment in Japan to date, and complements the company’s ongoing expansion plans across Asia, said IFCO Systems CEO Wolfgang Orgeldinger.
“Gaining full ownership of IFCO Japan is a key strategic step for IFCO in the continued expansion of our reusable plastic crate business, which serves retailers and fresh food producers in most of the world’s major economics,” Orgeldinger said in a company statement. “The transaction offers a strong internal rate of return as it stands, with upside available as we focus on improving sales and marketing disciplines and driving stronger returns, including through potential synergies with IFCO globally.”
IFCO Japan saw sales revenue of US$24.7m and EBITDA of US$6.7m in the year to 31 March 2015.
