Loomis acquires cash handling company in Czech Republic

​Loomis has expanded into the Czech Republic by acquiring the Czech cash handling company Fenix, which has close to 500 employees. The acquisition means that Loomis now operates in 13 European countries and in the USA.

Fenix, which has a turnover of around MSEK 90, is the second largest cash handling company in the Czech Republic with a market share of 30%. The company has 12 branches and a fleet of almost 150 vehicles. In 2009 Loomis acquired Fenix’s Slovak operations, which opened up the opportunity to continue into the Czech market. This expansion into the Czech Republic is part of Loomis’s current strategy to expand in Eastern Europe.

“There are two major competitors in the Czech market, one of which is Fenix, along with a few smaller cash handling companies. At present the cash handling market in the Czech Republic largely consists of transport operations, which means there are good opportunities to offer more advanced cash handling services – thereby achieving organic growth. The market will see it as positive that a further leading international competitor is expanding into the country,” says Lars Blecko, CEO of Loomis.

“We see opportunities to improve efficiency, and thereby reduce costs, in a number of areas – but at the same time there is also potential for growth. We will achieve this by bringing in specialist expertise and resources from other companies and countries in the Loomis Group as a complement to the functioning local organization that is already there,” says Lars Blecko.

The acquired operation will be consolidated by Loomis from October 1st, 2010.

For more information, please contact:Lars Blecko, CEO+46 8 522 920 51 or +46 70 641 49 10

Loomis offers safe and effective solutions for the distribution, handling and recycling of cash for banks, retailers and other commercial companies via an international network consisting of more than 370 branch offices in 13 European countries and in the US. Loomis has 20 000 employees and a turnover of 12 billion Swedish kronor. Loomis is a mid-cap listed company on NASDAQ OMX Stockholm.

Loomis AB discloses the information provided herein pursuant to the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 11.20 a.m. (CET) on October 1st, 2010.