Brambles has announced plans to spin off its Recall division into a new company that will be call Recall Holdings Ltd. The new company will be listed on the Australian Securities Exchange. Share holders of Brambles will receive one share of the new company for every share of Brambles they own at the time of the demerger. Ian Blackburne will be the chairman of the Recall Holdings while Doug Pertz will continue as the CEO of Recall.
The move is not surprising after Brambles was unable to sell the division earlier this year. Document management and scanning falls outside of the core business of pallets and crates. The company sees more opportunity for growth by focusing on their core business.