MaxiTRANS Announces Agreement to Sell its Trailer Solutions Business
A Message for our Customers
23 July, 2021
One of Australia's largest Semi-Trailer manufacturers and suppliers of truck and trailer parts, MaxiTRANS Industries Limited (MXI), today announced that it has entered into an Asset Sale Agreement to sell the Trailer Solutions Business (Trailers) to Australian Trailer Solutions Group Pty Limited (ATSG), an Australian based privately owned company, subject to shareholder approval.
“What we are announcing today creates two simplified and more focused businesses,” said MaxiTRANS Managing Director and CEO, Dean Jenkins.
The sale includes MaxiTRANS trailer manufacturing, service, rental and MaxiTRANS owned dealers in Australia and New Zealand. All of which, will retain and continue to operate under the MaxiTRANS name.
“In recent years, the financial performance of Trailers has been volatile. Having explored a range of alternatives to address these issues, we have concluded that these steps provide the best outcome for our shareholders, customers and people, while also creating a brighter future for the Trailers business under ATSG’s ownership.”
MXI will change its name to MaxiPARTS Limited (MaxiPARTS) and will remain listed on the ASX. These agreements will transform MaxiPARTS into a dedicated commercial parts distribution business and are consistent with the strategy to optimise growth opportunities in MaxiPARTS.
“A standalone MaxiPARTS will have a stronger financial platform from which to develop its market leading position and greater financial flexibility to play a prominent role in industry consolidation. It will also be a less complex business, which will enable a significant reduction in corporate overhead costs.”
Completion of the sale is subject to certain conditions, including shareholder approval, and is expected to occur by the end of August 2021. Whilst the change separates MaxiPARTS and MaxiTRANS both businesses have formally agreed to continue working together into the future.
Our customers will remain core to everything we do, and we believe these changes will add focus and will improve the products and services we offer. MaxiTRANS and MaxiPARTS will continue to deliver customer support - with all operations, manufacturing sites, facilities, rentals, service centres and parts distribution remaining open and operating as normal.
For our customers we do not foresee any immediate change in our day-to-day operations or customer sales and support. Our customer contact points for sales, delivery, service, and parts remain unchanged and are available for enquiry and ongoing customer support and communication.
“For 75 years, we have been building MaxiTRANS into one of the transport industry’s leading companies. MaxiTRANS and MaxiPARTS will continue to build on this heritage, with our ongoing commitment to our customers, employees, suppliers, and the transport industry to deliver safer, more efficient, and reliable transport solutions. We will continue to provide ongoing customer support wherever and whenever it is needed."