https://www.engineeringnews.co.za

Iliad offloads wholesale timber business for R45.5m

18th March 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

Iliad Africa on Monday announced the sale of its wholesale timber business to York Timber subsidiary Agentimber for R45.5-million, following a decision by the building materials provider to streamline its portfolio.

The transaction would see York acquiring the defined tangible operating assets, liabilities and intangible assets of the business as a going concern.

Iliad Africa CEO Eugene Beneke told Engineering News Online on Monday that the decision to dispose of the business followed a strategic portfolio review process.

“The business has not, on an ongoing basis, achieved its business objectives and, more importantly, we don’t believe that it, as a wholesale division, is the right strategic fit for us into the future,” he commented.

The timber business comprised Germiston-based timber manufacturer and wholesale distributor Thorpe Timber, as well as Cape Town-based timber value adding, treating and wholesale distribution business Timber Preservation Services. 

The proceeds of the sale would be used to fund working capital requirements and future growth for Iliad.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.077 0.129s - 157pq - 2rq
Subscribe Now