Brambles Limited
(ASX:BXB) has announced it will combines its oil and gas container businesses with Hoover Container Solutions to create a new joint venture.
Hoover-Ferguson Group, as the JV will be known, will become the second-largest global provider of container logistics to the oil, gas and chemical sectors.
The group will operate under Hoover CEO Donald Young, with equal board representation from both Brambles and Hoover.
The transaction is not expected to impact Brambles’ underlying earnings per share in FY17.
Brambles Limited reported a net profit of $398.2 million at 31 December 2015.
