Late news update: CBH sells Bulkwest Logistics to Patrick Corp

The CBH Group today announced the successful sale of one of its subsidiary companies, Bulkwest Logistics, acquired by Patrick Corporation.

Bulkwest Logistics was established in 1998 as a diverse, primarily non-grain logistics company focussed on general transport and storage. The company has since grown to include port based business activities in Western Australia.

Tim Collins, General Manager Bulkwest Logistics said Bulkwest Logistics has enjoyed solid financial performance and good revenue growth in recent years and is expected to continue to perform very well into the future.

"However, the CBH Group decided to sell the business as it no longer fits within the overall strategic intent of the Group," he said.

"This sale is an excellent outcome for both the CBH Group and Patrick Corporation," he said.

"The CBH Group has successfully divested an asset that has served the company well in the past, but does not have a logical place in the future of the Group. On the other hand, Patrick Corporation has purchased a very sound business with excellent prospects for future growth as a part of that business."

Mr Collins said operational contracts that currently exist between Bulkwest Logistics and the CBH Group will be fulfilled beyond the sale.

"The CBH Group is looking forward to continuing its relationship with Patrick Corporation in its capacity as a service provider to the Metro Grain Centre in Forrestfield and as a stevedore for Grain Pool Pty Ltd."