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Brambles Reaches CHEP Agreement With Wal-Mart
Global logistics firm Brambles Ltd. (BXB.AU) said Thursday it reached an agreement with Wal-Mart Stores Inc. (WMT). over the continued use of its CHEP division's pallets in the U.S. retailer's logistics network, at an estimated annual cost of US$5 million. Brambles Chief Executive Mike Ihlein told a briefing that despite the nearly six-month negotiations with Wal-Mart taking longer than hoped, "this outcome is consistent with our objective,...to achieve an arrangement that is broadly cost-neutral to CHEP on an ongoing basis."
Brambles said in a statement that, under the new agreement, Wal-Mart's third party service providers will inspect CHEP pallets at either their own facilities or at Wal-Mart distribution centers, with pallets meeting CHEP's quality criteria reissued directly to CHEP manufacturer customers.
Pallets requiring repair will continue to be processed at CHEP service centers, which will be located close to Wal-Mart's service provider facilities to minimize transportation costs, before being reissued to customers.
Ihlein said that while up to eight new CHEP service centers will be created as a result of the agreement, "there haven't been any particular initiatives focused around redundancies" at any of Brambles' global locations.
Brambles said that as previously disclosed, pretax costs of around US$30 million are expected to be incurred to implement the new arrangements by the end of fiscal 2009 in June, but the impact on CHEP's net annual operating costs from fiscal 2010 will be about US$5 million.
While details of the agreement between CHEP and Wal-Mart remain confidential, Brambles said there is no impact on sales revenue or pallet issue volumes from the new arrangements.
Ihlein also told analysts he isn't prepared to comment on recent trading in the U.S. or Brambles' other markets globally or to provide any update to the firm's outlook for the year.
At its annual results in August, Brambles said it was "well positioned" to grow both revenue and profit this year, and Ihlein told the briefing that he expected to provide a further update on the firm's outlook at its annual meeting in Sydney on Nov. 25.
Brambles shares rallied on opening Thursday following the agreement, and at 0306 GMT were 3.1% firmer at A$7.58 against a wider market that was down 1.4%.
Source: smartmoney.com
Global logistics firm Brambles Ltd. (BXB.AU) said Thursday it reached an agreement with Wal-Mart Stores Inc. (WMT). over the continued use of its CHEP division's pallets in the U.S. retailer's logistics network, at an estimated annual cost of US$5 million. Brambles Chief Executive Mike Ihlein told a briefing that despite the nearly six-month negotiations with Wal-Mart taking longer than hoped, "this outcome is consistent with our objective,...to achieve an arrangement that is broadly cost-neutral to CHEP on an ongoing basis."
Brambles said in a statement that, under the new agreement, Wal-Mart's third party service providers will inspect CHEP pallets at either their own facilities or at Wal-Mart distribution centers, with pallets meeting CHEP's quality criteria reissued directly to CHEP manufacturer customers.
Pallets requiring repair will continue to be processed at CHEP service centers, which will be located close to Wal-Mart's service provider facilities to minimize transportation costs, before being reissued to customers.
Ihlein said that while up to eight new CHEP service centers will be created as a result of the agreement, "there haven't been any particular initiatives focused around redundancies" at any of Brambles' global locations.
Brambles said that as previously disclosed, pretax costs of around US$30 million are expected to be incurred to implement the new arrangements by the end of fiscal 2009 in June, but the impact on CHEP's net annual operating costs from fiscal 2010 will be about US$5 million.
While details of the agreement between CHEP and Wal-Mart remain confidential, Brambles said there is no impact on sales revenue or pallet issue volumes from the new arrangements.
Ihlein also told analysts he isn't prepared to comment on recent trading in the U.S. or Brambles' other markets globally or to provide any update to the firm's outlook for the year.
At its annual results in August, Brambles said it was "well positioned" to grow both revenue and profit this year, and Ihlein told the briefing that he expected to provide a further update on the firm's outlook at its annual meeting in Sydney on Nov. 25.
Brambles shares rallied on opening Thursday following the agreement, and at 0306 GMT were 3.1% firmer at A$7.58 against a wider market that was down 1.4%.
Source: smartmoney.com
Publication date: 10/10/2008
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