South Africa’s KAP to buy Steinhoff’s industrial assets for $1.1 billion

KAP International Holdings Ltd., South Africa's diverse manufacturing company, yesterday said that it will buy Steinhoff International Holdings' industrial assets in a deal valued at 8.92 billion rand ($1.1 billion).

Cape Town-based KAP is buying Steinhoff's timber unit PG Bison, the Unitrans supply-chain business and Steinhoff Raw Materials.

PG Bison manufactures and distributes sawn timber, poles, wood- based panel products, decorative laminates and solid surfacing materials. Its integrated timber operations comprise forestry plantations, timber beneficiation processes and sawmills, particle board and decorative laminate plants.

Unitrans comprises a specialist supply chain business that designs, implements and manages supply chains and logistics for a diverse customers on a long term contractual basis. Services include comprehensive warehouse-, logistics- and related supply chain solutions.

Unitrans also provides comprehensive passenger transport solutions to various sectors, which include, contractual commuter and personnel transport services, intercity transport services and for tourism.

Steinhoff Raw Materials manufactures flexible polyurethane foam used in furniture, packaging, insulation and cleaning industries, components used in bedding products and woven jacquard and knitted textiles to bedding and related industries.