Itochu has sold Reifen Gundlach to Pon Holdings
Listed Japanese trading group ITOCHU Corporation, Tokyo, has sold its German subsidiary Reifen Gundlach GmbH, Raubach, to the Dutch trading and service group Pon Holdings B.V. Reifen Gundlach is a leading service-oriented distribution company of tires, rims and completely fitted wheels.
ITOCHU, one of the leading sogo shosha (general trading company), has a corporate history of more than 150 years and operations in 68 countries. The group is engaged in domestic trading, import/export, and overseas trading of various products such as textile, information and communications technology, machinery, energy, metals, minerals, chemicals, forest products, general merchandise, food, construction, realty, finance, insurance, and logistics services, as well as business investment in Japan and overseas. In the financial year 2010/2011, ITOCHU generated sales revenues of approximately JPY 3,649 billion.
Family-owned Pon Holdings, headquartered in Almere, Netherlands, is active in a broad range of activities that comprise inter alia import, logistics, marketing, distribution, service and maintenance with respect to high quality products such as passenger cars, commercial vehicles, trucks, busses, bicycles, tyres, earth-moving machines as well as products for road constructions and shipping. Pon Holdings is the importer of Volkswagen and MAN vehicles, Continental tyres and Caterpillar equipment in the Netherlands.
Yasuyuki Harada, General Manager of ITOCHU’s General Merchandise Department, stated, “Lincoln did an excellent job in conveying Reifen Gundlach’s specific business model to potential buyers and running the process in a highly effective way which allowed us to complete the deal in a very expeditious way facilitating a transaction that is a win-win for both the buyer and the seller”.
Terms of the transaction were not disclosed. Lincoln International AG advised ITOCHU as exclusive financial adviser in connection with this transaction.
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