Business Services Industry
Gale acquisition.
Australasian Business Intelligence, July, 2002
Jul 31, 2002 (Australian Hardware Journal
ABIX via COMTEX) -- Gale Pacific has acquired the assets and customer base of Visy Industries' technical fabrics business for $A12.9m. This was funded by $A10m from Gale's bank facilities, and a further $A3m via the sale of 3,529,412 shares at $A0.85 to Thorney Holdings, which will eventually hold 8.4 of Gale. Gale anticipates that the acquisition will add $A20m to its revenue as it becomes a key player in both the retail and industrial fabrics sector. Gale and Visy believe there may be additional areas for future collaboration.
Publication Date: July 2002
GALE PACIFIC LIMITED - ASX GAP: VISY INDUSTRIES AUSTRALIA PTY LTD
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