January 8, 2018 / 11:00 PM / 10 days ago

Brambles to sell North American recycled pallets business

(Reuters) - Australian pallets and container company Brambles Ltd (BXB.AX) said on Tuesday it will sell CHEP Recycled, its recycled whitewood pallets business in North America, to Grey Mountain Partners for an enterprise value of $115 million.

The sale to the Colorado-based private equity firm is subject to regulatory approval and is expected to be completed within 45 days, the company added in a statement.

    In August, the company had announced its intention to sell CHEP Recycled following the completion of a strategic review.

    CHEP Recycled operates in the United States and Canada and supplies and recycles over 90 million pallets annually.

    The company’s stock was down 0.2 percent, compared to a 0.2 percent rise in the benchmark index .

    Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Stephen Coates

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