Clarksons completes Genchem takeover
London-based shipbroker Clarksons said Thursday it has completed the '8.6 million ($16.2 million) takeover of compatriot shipbroking, port agency, warehousing and stevedoring provider Genchem Holdings Ltd.
Genchem has operations in the United Kingdom in London, Ipswich, Great Yarmouth, Bristol, Liverpool and Southampton.
The acquisition was paid for with '5.3 million ($10 million) in cash and '3.3 million ($6.2 million) by the issue of 374,368 new ordinary shares in Clarksons. In addition, up to '1.5 million ($2.8 million) could be added to the purchase price over the next three years depending on reaching financial performance targets.
Genchem posted net income of '1.5 million ($2.8 million) in 2005 and net assets at July 1 of '2 million ($3.8 million).
“Clarksons’ expanded operating platform will enable the company to respond proactively to the needs of its present and future customers,” Clarksons said in a statement.