Paramount Pallet Inc. (Paramount") announced today that it has recently purchased six (6) pallet services facilities located across Canada. These facilities were previously the Canadian Pallet Services Division of IFCO Systems N.V. (IFCO"). The sale, which was official on June 3, 2005, created the largest Canadian owned and operated full pallet services company in the nation.
Toronto (PRWEB) June 9, 2005 -- Paramount Pallet Inc. (Paramount") announced today that it has recently purchased six (6) pallet services facilities located in Alberta, Quebec, Ontario, Manitoba and British Columbia. These facilities were previously the Canadian Pallet Services Division of IFCO Systems N.V. (IFCO"). The sale was official on June 3, 2005 and terms of the agreement were not disclosed.
The completion of the sale created the largest Canadian owned and operated full pallet services company in the nation. The current management team is part of the ownership group, and will continue to lead the business.
Clint Sharples, former president of IFCO Systems Canada, and new president and CEO of Paramount Pallet Inc., explained that while the name and ownership structure may be new, a management team with a strong performance record will operate the company. Our management staff has vastly improved the operations and financial performance of the business over the last three years. Our top managers have a combined 50 years of experience in the pallet business, and we are excited to be part of the ownership of the company and to be able to invest in our future in Canada."
IFCO views the sale as a strategic divestiture of its non-core operations. Dave Russell, president of IFCO Systems North America, said, We are focusing our energies and capital in growing our United States Reusable Plastic Container (RPC) pooling business and Pallet Management Services business. We are pleased to sell the Canadian Pallet Services operations to the management team, and we are happy to have formed a strategic alliance with them for any cross-border opportunities."
Mr. Sharples added, Since we have such a strong working relationship with IFCO and no changes are being made in the management or the employee base, the transition will be very smooth for our customers. We are committed to making this change transparent to them, and we will be providing the same high level of quality and service that our customers have come to expect from us."
According to Sharples, Paramount will be well-advised by a knowledgeable and experienced board of directors. Serving on the board will be experienced entrepreneurs and financiers. The Chairman will be Joel Dumaresq, with Dave Dumaresq, Keith Ebert, Fraser Campbell, Mr. Russell and Mr. Sharples as Directors.
About Paramount Pallet Inc.
Paramount Pallet Inc. employs approximately 200 people and provides pallet services to companies in various industries across Canada. The company is the only national full pallet services provider. Paramount facilities can be found in Calgary, AB; Edmonton, AB; Moncton, NB; Montreal, PQ; Toronto, ON; Winnipeg, MB and Vancouver, BC. Headquarters will be located in the Toronto, ON facility.
About IFCO Systems
IFCO Systems is an international logistics service provider with more than 150 locations worldwide. IFCO Systems operates a pool of more than 75 million RPCs (Reusable Plastic Containers) globally, which are used primarily to transport fresh produce from producers to leading grocery retailers.
In the United States, IFCO Systems also provides a national network of pallet management services. With more than 50 million wooden pallets recycled annually, IFCO Systems is the market leader in this industry.
In 2004, IFCO Systems generated revenues of 495.9 million USD. IFCO Systems is listed on the Frankfurt Stock Exchange in the Prime Standard segment (IFE1).
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