Loomis acquires logistics operations in the US
Loomis AB’s subsidiary in the US has acquired the Global Logistics operations from Dunbar Armored, Inc. The acquisition enables Loomis to expand its service offering by adding domestic and overnight services to the existing international service line of business. The acquired activities include primarily shipments and storage of precious metals and other valuables.
The purchase price amounts to USD 4 million, which corresponds to approximately SEK 33 million. The acquired operations have annual revenue of approximately USD 9 million (SEK 75 million) and employs around 100 staff.
The absolute majority of the revenue is US domestic and the acquired operations will therefore be reported in the Loomis US segment.
“Dunbar Global Logistics fits well with Loomis and the Loomis US domestic operation gains a new set of customers for the recently opened Louisville hub but also in New York and Los Angeles. Dunbar Global Logistics also extends the reach of Loomis International and we will take steps to further our customer base in this segment to achieve our goal of being a leading player in both domestic and international cash and valuable services”, says Lars Blecko, CEO of Loomis AB.
Kevin Dunbar, President and CEO of Dunbar says, “The divestment of the Dunbar Global Logistics division, a non-core business for Dunbar, will allow us to further our strategic reinvestments into our growing core armored, cash vault and cash management businesses and our new investment in Cybersecurity. I am confident that this move will help guide us toward our strategic targets, strengthen our company and create more opportunities for our employees.”
The acquisition is expected to have a limited positive impact on Loomis’ earnings per share in 2015 and will be consolidated as of November 1, 2015.
November 2, 2015
Group CEO and President Loomis US
Mobile phone: +46 8 522 920 51
About Loomis: Loomis offers secure and effective comprehensive solutions for the distribution, handling, storage and recycling of cash and other valuables. Loomis’ customers are banks, retailers and other companies. Loomis operates through an international network of around 400 branches in more than 20 countries. Loomis employs around 21,000 people and had revenue in 2014 of SEK 13.5 billion. Loomis is listed on NASDAQ OMX Stockholm Large-Cap list.
About Dunbar: Dunbar is America’s largest independent, full-service security organization headquartered in Hunt Valley, Maryland with deep expertise in every corner of the security industry. Since 1923, Dunbar has delivered peace of mind to organizations by providing armored services and cash management solutions, as well as industry-leading cybersecurity, security systems and protective services solutions, to meet customers’ evolving business needs. Dunbar’s powerful security offerings are backed by nearly a century of reliable, high-quality service and made possible by a firm commitment to our customers, our people and continuous investment in the most innovative technologies.
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 8.15 am CET on November 2nd, 2015.