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GNDE - Grindrod Acquires Boltt Removals

14/12/2004 15:01:27

Grindrod Acquires Boltt Removals
GRINDROD LIMITED
(Registration number: 1966/0009846/06)
Share code: GND
ISIN: ZAE00005224
PRESS ANNOUNCEMENT
GRINDROD ACQUIRES BOLTT REMOVALS
Grindrod announced today, the acquisition of 50% of Boltt Removals, a road
distribution business.
Boltt Removals moves furniture products from manufacturer to retailers
countrywide. It has a fleet of 54 trucks with hub facilities in all major
centres in South Africa.
Grindrod's landfreight director, Laurence Stuart-Hill, said 'the acquisition of
50% of Boltt Removals is part of Grindrod's expansion strategy in developing a
formidable freight logistics business consisting of terminals, road distribution
networks, warehousing and logistics, all of which complement our shipping
interests'. He went on to add 'the acquisition of 50% as opposed to 100% of
Boltt Removals is part of our strategy of developing what we refer to as
'corporate backed entrepreneurships' with excellent operators. It is part of a
bigger picture in developing our road transport offering to complement the likes
of PicPack Grindrod. We will be looking to make further road transport
acquisitions in the new year to complement our container feeder services and
bulk shipping operations. The aim is offer an end to end solution to South
African exporters and importers.'
Deon Augustyn, the managing director and co-owner of Boltt said, 'the
partnering with Grindrod provides Boltt with huge expansion opportunities whilst
retaining the entrepreneurial flair which has been the success of Boltt to date.
The ability to expand Boltt in new key niche areas will be greatly enhanced
through this partnership with Grindrod.'
Grindrod MD, Ivan Clark, noted 'it is common knowledge that we are looking to
expand our landbased businesses through good acquisitions and partnerships with
top class entrepreneurs.' He went on to add 'the reinvestment of Grindrod's
good profits from shipping is critical in continuing to grow Grindrod's profits
into the future'.
Contact Details
Grindrod Limited Boltt Removals
I A J Clark D Augustyn
082-891 3587 083 444-0200
031 304-1451 021 507 4700
L R Stuart-Hill
083-300 0820
031 304-1451

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