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Contract boost
Printing and distribution business PMP has received some welcome good news after it retained the contract to print catalogues for Woolworths. PMP has held the contract, believed to be one of the largest commercial print contracts in Australia, for about 10 years.
INSURANCE
IAG sells up
Insurance Australia Group has sold its UK commercial insurance broker business for about £10 million ($A15.4 million). The company announced on Friday the Independent Commercial Brokers business was to be sold to its existing management team, but was yet to finalise the details. The sale is part of IAG's exit from its loss-making UK businesses.
PLANTATIONS
Timber sold
Elders subsidiary APT Projects will sell 30,000 hectares of pulpwood timber plantations in the Ord River irrigation area. The standing timber, which is owned by MIS investors in schemes, will be sold to entities associated with Santanol. Elders said it is not selling any of its own assets, but it will receive a fee for the sale. The agreement also provides for the conditional sale of MIS-grower-owned Indian sandalwood standing timber.
BANKING
Eftpos move
ANZ has sold its Eftpos terminal leasing unit in New Zealand for an undisclosed sum to global payments company VeriFone Systems. The sale follows ANZ streamlining its local business, detailing plans to merge its National Bank brand with its flagship ANZ brand. Eftpos NZ employs 160 staff who will be be transferred to VeriFone. ANZ said the transaction was not material to earnings.
CONTAINERS
Pallet venture
Pallet company Brambles has bought container supplier Pallecon for €135 million ($A170 million). Brambles said the purchase would be funded from existing bank borrowing facilities. Pallecon operates mainly in Europe, Australia and New Zealand, supplying bulk containers primarily for transporting food, cosmetics and chemicals.
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