Roundup: IFCO Establishes Presence in Columbia Through Acquisition, Greystone Boosts Sales

IFCO SYSTEMS, a Brambles Company, reports that it has acquired Empacotecnia SAS (“Empacotecnia”), Colombia’s leading provider of reusable plastic crate (RPC) pooling services. The transaction completed on May 3, 2016.

“This acquisition complements our strong organic growth in South America by adding a successful market leader with strong financial returns and a promising growth outlook to the IFCO family,” stated IFCO SYSTEMS’ CEO, Wolfgang Orgeldinger.

“We are excited to build upon Empacotecnia’s existing leadership position in the Colombian fresh food supply chain to deliver value for retailers, growers, and producers. The acquisition will drive step change for IFCO’s RPC footprint in Latin America.”

Empacotecnia generated sales revenue of US$3.3 million and about six million RPC rentals in the 2015 calendar year and is forecasting strong growth over coming years as it increases penetration with major retail partners and launches RPC products in new sectors. The company was created in 2006 and is privately held. It has seven service centers in Colombia and approximately 124 employees. The business serves major retailers Grupo Exito and Cencosud Colombia, as well as approximately 218 producers.

Source: Brambles

 

Greystone Boosts Sales on Strength of New Customer, Invests $2.5 Million in New Equipment

Greystone Logistics, Inc. reported sales of over $5.2 million for the third quarter, compared to $3.6 million for the prior period for an increase of over $1.5 million. For the nine months ended February 29, 2016, sales were $15.2 million compared to $13.6 million in the nine months ended February 28, 2105.

Greystone’s pallet sales to its major customer in the nine months ended February 29, 2016, were 31 percent of total sales compared to 40 percent of total sales  in the prior period. Pallet sales to the major customer decreased by approximately $0.7 million from nine months ended February 28, 2015, to the nine months ended February 29, 2016, while pallet sales to new and existing customers provided the basis for the increase in pallet sales in the current fiscal year.

For the third quarter ended February 29, 2016, Greystone recorded a net loss available to common stockholders of $(200,528), or $(0.01) per share, compared to net income of $198,859, or $0.01 per share, in the prior period. For the nine months ended February 29, 2016, Greystone recorded a net loss available to common stockholders of $(314,263), or $(0.01) per share, compared to $(382,764), or $(0.01) per share, for the nine months ended February 28, 2015.

“During the third quarter, Greystone acquired an additional injection molding machine at a cost of $2.5 million to accommodate the needs of a new customer”, stated Warren Kruger CEO. “There were substantial costs in preparation for full implementation of the new equipment which affected the margins for the third quarter. The equipment became fully operational in March 2016. We anticipate higher sales and better margins in the fourth quarter ending May 31, 2016. We continue to invest in our company’s future.”

Source: Greystone