Mergers & Acquisitions
ORBIS buys out partner in joint venture
Oconomowoc-based ORBIS Corp., North America’s leader in sustainable reusable packaging, announced it has completed the acquisition of Cartonplast LLC’s interest in the CORBI Plastics LLC joint venture.
In 2005, Cartonplast LLC and ORBIS formed a joint venture, creating CORBI Plastics.
CORBI Plastics operates a manufacturing facility in DeForest, Wis., and 11 service centers across the United States. In addition to manufacturing solid and plastic corrugated sheet packaging, CORBI Plastics delivers customer value by owning and managing pools of plastic reusable pallets, top frames and divider sheets that protect food, beverage and aerosol packaging products during storage and distribution. It specializes in managing transportation complexities, facilitating the cleaning process and tracking assets. CORBI Plastics has approximately 110 employees in the United States.
Bill Ash, president of ORBIS, said, “Our customers are continually looking to ORBIS for leadership and expertise in ways to reduce their supply chain costs with reusable packaging. This is a tremendous opportunity to meet the diverse and growing needs of the marketplace with an integrated product line and enhanced service levels to support our collective customers. This will expand ORBIS’ service capabilities, with additional locations to better serve a wider group of customers.”
Financial terms of the transaction were not disclosed.
Joy Global expands China venture
Milwaukee-based Joy Global Inc. announced it has received approval from the Anti-monopoly Bureau of the Ministry of Commerce of the People’s Republic of China for its planned purchase of International Mining Machinery Holdings Limited (IMM), a leading designer and manufacturer of underground mining equipment in China.
The shares represent approximately 41.1 percent of the outstanding common stock of IMM.
Pursuant to the terms set forth in the share purchase agreement between Joy Global and TJCC Holdings Limited ("TJCC"), Joy Global will now purchase TJCC’s 41.1 percent of IMM shares at a price of approximately $584 million.
Completion of the agreement is expected to take place by Dec. 30, 2011. After closing, Joy Global will own approximately 69.2 percent of IMM’s outstanding common stock.
Upon closing of the purchase of IMM shares from TJCC, Joy Global will be required to make unconditional cash tender offers for the remaining outstanding shares of IMM common stock and all outstanding IMM share options pursuant to the Hong Kong Takeovers Code. The tender offers will be launched by Joy Global’s wholly owned Hong Kong subsidiary, Joy Global Asia Limited, and will be subject to the terms and conditions to be set out in the offer document.