New Zealand logistics and data management business Freightways Ltd has bought the local operation of information manager Iron Mountain.

    Freightways paid $10 million for the American-owned business, which will be merged into subsidiary Online Security Services, the company said on Monday.

    It said it expected revenue of NZ$12 million and earnings before interest, tax, depreciation and amortization (EBITDA) of NZ$1.5 million in the first full year of ownership. It said the acquisition should be earnings positive immediately and was being funded from existing debt facilities.

    "This acquisition is consistent with Freightway's growth strategy to acquire complementary businesses and to increase its penetration in the Information Management market," the company said in a statement.

(source:http://www.ajot.com/breakbulkprojectcargo.asp)