INTERPOOL BUYS TRANSAMERICA CONTAINER UNIT
Interpool Inc., a container-leasing corporate founded in Princeton, N.J., stated on Friday that it is going to gain the North American intermodal department of Transamerica Leasing from Aegon NV and Transamerica Finance Corp.
In keeping with Interpool, the acquisition worth is $675 million in money. Aegon, a Dutch insurer, purchased Transamerica Corp. in 1999.
Martin Tuchman, chairman and leader govt officer of Interpool, stated that the corporate’s acquisition will “make bigger our chassis fleet and expand our control and customer support groups.”
Interpool will upload 65,000 chassis to its provide fleet of 100,000, and can purchase 23,000 trailers and 17,000 home packing containers from Transamerica Leasing, considerably augmenting its present fleet of 8,000 devices.
In 1999, Interpool tried with out good fortune to shop for the Cronos Workforce of New York, any other container leasing corporate. A bid by means of Interpool for Xtra Corp., a Boston-based renter of freeway packing containers, additionally went unconsummated in 1998.
Acquisition of the Aegon-Transamerica unit “is a superb transfer as it makes [Interpool] a significant participant within the chassis trade,” stated Burton Strauss, an analyst for Dominick & Dominick.
Interpool had 1999 gross sales of $217.8 million. Benefit from operations ultimate yr was once $28.7 million, or $1.01 a proportion. The corporate will finance a part of its container acquire thru Salomon Smith Barney Inc. and Citicorp North The usa.
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