Supply chain logistics company Brambles (ASX:BXB) has announced it has entered into an agreement to sell its North American CHEP Recycled business for US$115 million.
CHEP Recycled provides services in the US and Canada, supplying and recycling over 90 million whitewood pallets annually.
The company intends to sell the business to private equity firm Grey Mountain Partners, with the transaction expected to be complete within 45 days.
Out of the 161 plants and total pallet management sites, 73 sites along with 2,400 employees are included in the sale.
The balance of 88 plants and sites will be retained by Brambles which will continue to form part of the core operations of the US business, along with 1,600 employees.
Shares in Brambles (ASX:BXB) are trading flat at $10.00.