2006-04-03 Brambles sells French logistics arm

Industrial services group Brambles Industries Ltd has sold its French logistics business TMF to a management consortium and its financial sponsor for an undisclosed sum.

Brambles - the world's largest supplier of wooden pallets for storage and transport - said that TMF's gross assets stood at 23 million euro ($A39.24 million) at December 31.

The deal is expected to be completed next month.

Brambles is currently selling off its non-core assets so it can focus on its CHEP pallet operations and Recall document management business.

It also wants to scrap its dual-listed structure and create a new holding company with a primary listing on the Australian Stock Exchange and a secondary listing on the London Stock Exchange.