http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.69Change: -0.05
R/$ = 12.32Change: -0.01
Au 1168.78 $/ozChange: -0.02
Pt 1083.00 $/ozChange: 1.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Jan 24, 2008

Barloworld upbeat on acquisitive growth prospects

Back
 
 
 
 
 
 
Construction|Africa|Fire|Mining|Africa|Automotive|Equipment|Logistics
Construction|Africa|Fire|Mining|Africa|Automotive|Equipment|Logistics
construction|africa-company|fire|mining|africa|automotive|equipment|logistics
© Reuse this Newly restructured Barloworld was investigating "a couple" of potential acquisitions, and could be pouncing on one of them by the end of September, CEO Clive Thomson said on Thursday.

The firm had up to R1-billion that it could use for acquisitive growth, he said.

"There are a couple of things that we are investigating literally as we speak," stated Thomson.

"If we go through satisfactory due diligences then we could very well see something happen this financial year," added he, speaking in an interview, after the group's annual general meeting in Sandton.

Thomson highlighted one sector that Barloworld was looking to target was logistics, which he said was growing rapidly, in Southern Africa, as well as other areas globally.

Primarily, these regions included the Asia Pacific, the Middle East, and Europe.

Transformation on track

Meanwhile, the company's implementation of its much-awaited black economic-empowerment deal was on schedule to be wrapped up in the first half of 2008, chairperson Dumisa Ntsebeza told shareholders.

"The transaction will be broad based involving a number of parties, including employees, community and social investment partners, strategic, black equity partners, and black nonexecutive directors," he added.

The firm came under fire from outspoken black businessmen last year, after it appointed Trevor Munday as deputy chairperson, calling the appointment "racist, condescending and patronising".

Munday has since resigned from the Barloworld board.

Equipment growth strong

Barloworld, which is the second-biggest distributor out of Caterpillar's 196 dealers globally, said that its equipment division in southern Africa continued to benefit from buoyant mining and construction activity.

"The equipment division in Southern African territories continues to experience strong growth in the mining and construction sectors," Ntsebeza stated.

"As global demand has resulted in extended lead times, we are working proactively with Caterpillar to meet customer expectations and delivery dates."

"The order book remains strong and we expect good performance to continue for this financial year," he added.

Local interest rates bite

Its South African automotive division, however, had taken strain from the introduction of the National Credit Act (NCA) last year, as well as rising debt levels.

"Passenger vehicle sales in Southern Africa remain under pressure, in response to the cumulative impact of high consumer debt, interest rate increases and the NCA," Ntsebeza said.

"We expect these tough conditions to continue in the months ahead."

Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Automotive News
Development financier Eastern Cape Development Corporation (ECDC) executive Noludwe Ncokazi on Friday said the organisation had the “huge responsibility of ensuring business continuity”, following the resignation of ECDC subsidiary Automotive Industry Development...
ENERGY-EFFICIENT PETROCHEMICALS Engen supplies energy-saving hydraulic fluids and synthetic lubricants to the industrial sectors and provides products for petrol and diesel engines
Responding to the energy sector’s need to reduce energy consumption, African energy multinational Engen will be exhibiting new energy-saving hydraulic fluids and synthetic lubricants, which will soon be introduced into the company’s product offering, at this year’s...
The Goodyear Tyre & Rubber Company has reached an agreement with Yihai Food and Oil Industry, in China, for the supply of silica derived from rice husk ash. Goodyear will begin using the silica this year in a consumer tyre that will be manufactured in its factory in...
Article contains comments
More
 
 
Latest News
An end to wage negotiations within the local government sector could be in sight as a conciliator’s proposal, setting out a number of settlement suggestions to resolve the deadlock, was expected on Monday. The Independent Municipal and Allied Trade Union (Imatu)...
Development financier Eastern Cape Development Corporation (ECDC) executive Noludwe Ncokazi on Friday said the organisation had the “huge responsibility of ensuring business continuity”, following the resignation of ECDC subsidiary Automotive Industry Development...
South Africa’s second-largest oil refinery, Engen Refinery (Enref), is set to undergo a three-day planned maintenance outage from July 9 as part of an ongoing maintenance programme to ensure that the facility, which delivers a significant portion of South Africa’s...
More
 
 
Recent Research Reports
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
NHLANHLA NENE The main constraints to economic growth are domestic
Finance Minister Nhlanhla Nene earlier this month stated that, while South Africa’s 2015 economic growth target of 2% was achievable, it was not enough to deliver the tax revenue needed to combat the country’s challenges.
The World Steel Association has published the 2015 edition of the World Steel in Figures report, which shows an increase in steel production as well as provides an overview of steel industry activities from crude steel production to apparent steel use.
The 25-year master plan for Gauteng’s Aerotropolis project will go through a process of approval and adoption during June and July, says Aerotroplis project manager Jack van der Merwe. “We are also in the process of putting together a special purpose vehicle (SPV) to...
SOLAR PANELS The existing buildings in the Coega Industrial Development Zone lent themselves well to rooftop solar panel installations
The Coega Development Corporation (CDC) plans to fit 15 of its buildings, totalling 127 000 m2 of roof space, in the Coega Industrial Development Zone (IDZ), in the Eastern Cape, with solar panels.
The Supreme Court of Appeal’s (SCA’s) November 2014 judgment, ordering steel producer ArcelorMittal South Africa (AMSA) to hand over the 2003 Environmental Master Plan for its Vanderbijlpark steel plant to environmental pressure groups, confirmed the right of civil...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96