Brambles sells US business for $US115m

January 09, 2018

Brambles is selling its US recycled whitewood pallets business for $US115 million.

Brambles has inked a deal to sell North American whitewood pallets business CHEP Recycled to private equity firm Grey Mountain Partners for $US115 million ($A161 million).

Grey Mountain Partners will receive 73 total pallet management sites and 2,400 employees from CHEP Recycled, which supplies and recycles more than 90 million pallets annually in the USA and Canada.

The company recognised CHEP Recycled as a discontinued operation in its 2017 full-year results in August and expects the sale, which is subject to regulatory approval, to be completed within 45 days.

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