The takeover, subject to competition authorities’ approval and completion of due diligence, is in line with Iliad’s strategic plan to expand operations through acquistions which complement its established niche markets.
Thorpe Timbers, formed 40 years ago and which has an annual turnover of R220m, imports and buys local raw wood to service the building industry and parts of the industrial market.
“Thorpe Timbers expands Iliad’s international supply network, adding established source markets in South America, China and eastern Europe,” said Ralph Patmore, chief executive officer of Iliad.
He said recent acquisitions would add about R350m turnover to the group in 2008, accelerating its aims of achieveing a total R5bn turnover in the next few years.
