Volgren Australia Pty. Limited is a leader in the local market and holds 40% market share
Marcopolo, Brazilian company leader in the production of bus bodies, announces it has signed, on 12th December, an agreement to acquire 75% shares from the company Volgren Australia Pty. Limited, based in Melbourne, Australia. With the deal, the company continues the expansion plan of its activities in the international market entering in Oceania.
Volgren is the largest bus body builder in Australia and has over 560 employees. The company operates throughout Australia owning over 40% market share. In the fiscal year July/2010 to June/2011, the company recorded the sale of 698 units, with revenues of A$ 207,1 million (Australian dollars), equivalent to about US $ 209 million.
An amount to pay the 75% shares in Volgren consists of an anticipation of A$ 52,5 million (approximately US$ 53 million), and adjustments related to company performance based on EBITDA in the next three years. Marcopolo has the right to buy the remaining 25% shares after three years.
According to Mr. José Rubens de la Rosa, CEO of Marcopolo, Australia has a market about 2.000 units/year. Volgren is expert on the production of buses and has the technology of bus bodies made entirely of aluminum, which provides weight reduction and is completely recyclable.
The Australian market has grown at an average of 12% per year. And an opportunity to be studied in the future is the development and marketing to other markets around, such as coaches, charter and inbound tourism, and export to neighbor countries.