Editions   North America | Europe | Magazine


Danka Announces Sale of Australian Business Unit

Press release from the issuing company

ST. PETERSBURG, Fla.--July 7, 2006-- Danka Business Systems PLC today announced that it has entered into an agreement to sell the shares of its Australian subsidiary, Danka Australasia, PTY Limited to Onesource Group Limited, for a purchase price of U.S. $12.6 million in cash ($17 million in Australian dollars). The completion of the transaction is expected to take place on or before July 17, 2006, subject to the completion of finance arrangements and certain consents. The proceeds of the transaction will be used for the general operation of the Company's other businesses. "We are very pleased to have reached this agreement with Onesource, which is a very successful distributor in New Zealand," stated A.D. Frazier, Danka's Chairman and Chief Executive Officer. "The disposition of our Australian operation is another step in our plan to focus on and invest in core assets in the U.S. and Europe. We appreciate the excellent job our Australian executive team has done managing this business. I believe this partnership with Onesource will give the operation the scale and resources necessary to achieve success in the future." Onesource Group CEO, Evan Johnson, believes that the Danka acquisition will provide significant benefits to Danka stakeholders. "This is an exciting development for Onesource Group. The Australasian reach will further strengthen our business model and the resources we have at our disposal will allow us to provide Danka customers with great products and exemplary customer service." Danka Australia, headquartered in Sydney, provides imaging systems and services, including copiers, printers and multi-functional peripheral devices and related services to customers in the major Australian markets. During the fiscal year ended March 31, 2006, the Australian subsidiaries revenues were U.S. $50.2 million and profits before tax totaled U.S. $1.4 million. Gross assets in the business as at March 31, 2006 totaled U.S. $11.8 million.

WhatTheyThink is the official show daily media partner of drupa 2024. More info about drupa programs