Brambles’ HFG Divestiture Ends the Foray into Oil & Gas, but No Change to FVE
The divestiture of Brambles’ 50% stake in Hoover Ferguson Group, or HFG, doesn’t alter our outlook for the wide-moat firm. The sale completes a short-lived and poorly timed foray into oil and gas containers for Brambles, with most of the damage to valuation and earnings already done under prior management. While the deal will not be seen as one of the firm’s finest, we’re encouraged that this transaction will remove distractions for Brambles’ leadership, stem a small amount of losses on the inco...Brambles is a supply-chain logistics company operating primarily through the CHEP and IFCO brands. Co. has three segments: Pallets segment, which primarily serves the consumer goods, fresh produce and beverage industries, and sub-divided into three regions: Americas, Europe, Middle East and Africa, and Asia-Pacific; Reusable Plastic or Produce Crates segment, which serves the fresh produce and food industry and comprising the IFCO RPC pooling business worldwide and the CHEP RPC pooling businesses in Australia, New Zealand and South Africa; and Containers segment, which comprises four business units: Automotive, Intermediate Bulk Containers, Oil and Gas, and Aerospace.
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