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Sydney, Nov 8, 2005 AEST (ABN Newswire) - Transpacific Industries Group Limited (ASX: TPI) Executive Chairman Mr Terry Peabody today announced that Transpacific has acquired the industrial services and liquid waste treatment businesses of Onyx Group Ltd New Zealand effective 1 December, 2005.
Onyx industrial services, rebranded Transpacific Industrial Services NZ, is the largest industrial services company in New Zealand having contracts with significant businesses and employing over 100 staff. Onyx liquid waste, rebranded Transpacific Technical Services NZ, collects and treats liquid waste primarily on the North Island. Together these businesses employ some 150 staff and operate out of seven main locations. The businesses are well established and have strong management and market acceptance. Onyx is a sister company of Collex, one of Transpacific's competitors in Australia, and is owned by French waste company Veolia Environment.
Mr Peabody stated, "This is a significant strategic acquisition for TPI in New Zealand. In addition to acquiring businesses that totally replicate our activities in Australia, we now have a springboard for future expansion and the foundation for consolidating and synergising our existing New Zealand operations ? these include a number of waste hydrocarbon and cooking oil businesses, ERS parts washers and commercial vehicle operations. Onyx has strong market presence and Onyx management who have built the businesses will transfer to TPI - they know the New Zealand market and will continue to source new business and grow our market share."
Transpacific's AGM is scheduled for tomorrow and today the company also released its AGM presentation to the ASX. Highlights included upward revision of its forecast FY06 NPAT to $49m ? approximately $12m higher than the prospectus, $4m higher than analysts' expectations and more than doubling its FY05 reported NPAT. This is despite a softening in the commercial vehicles operations which YTD are marginally lower than forecast but remain ahead of the corresponding period last year. Another highlight was Transpacific's expansion into related businesses; water treatment and treatment of contaminated soils for which Memorandums of Understanding have been entered; intended entry into biodiesel, landfill and transfer stations; and securing a medium size truck which can be added to the existing dealer network.
