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GNDE - Grindrod - Acquires Ellerman & Bucknall

04/06/2001 00:00:00

GRINDROD ACQUIRES ELLERMAN & BUCKNALL
PRESS RELEASE
June 4, 2001
Grindrod (formerly Grindrod Unicorn Group) announced today that they have
reached agreement with P&O Nedlloyd Ltd to acquire its 100 percent interest
in Ellerman & Bucknall SA, effective from July 1, 2001, for an undisclosed
sum.
John Jones, Chief Executive of Grindrod Ships Agency Divisions, said the
Group was very excited to add the Ellerman & Bucknall name to their stable
of leading ships agencies in South Africa, including King & Sons
(established 1881), Mitchell Cotts Maritime (established 1895), Inchcape
Shipping Services (recently acquired) and Eyethu Ships Agencies a joint
venture with black empowerment.
Nigel Pusey, Managing Director P&O Nedlloyd South Africa said: "The ships
agency business of Ellerman & Bucknall has undergone significant changes in
the year 2000 and now primarily services the Reefer and Fishing interest in
Cape Town.
"For P&O Nedlloyd it therefore does not represent core business and thus we
are delighted that Grindrod, whose interest in the ships agency business is
substantial, have purchased the company. Staff functions will be unaffected
and the finance administration function will transfer to the new company,"
he said.
Whilst the historical associations for the forerunners of P&O Nedlloyd run
throughout the containerisation history of South Africa, we believe the
future success of the business is guaranteed by this sale.
We wish both Grindrod and Ellerman & Bucknall employees every success in the
future."
Ellerman & Bucknall will continue to operate totally independently under
Manager Gunnar Engbers but will now have the back up and support of the
Grindrod Ships Agencies network at all ports ranging from Walvis Bay in
Namibia through to Nacala in Mocambique.
Ends
Issued by:Simeka TWS Communications
Contact:Lesley van Duffleler
Phone :(031) 2039800/ 083 787 4533
On behalf of :Grindrod Limited
Contact:John Jones, Executive Director
Phone :(031) 3052751/083 455 8250
Contact: Ivan Clark Managing Director
Phone:(031) 3041451/082 891 3587






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