Schaffer concludes deal for ALH
Australian Leather Holdings (ALH) has been acquired by Schaffer Corp, a diversified industrial group with various interests in the leather business. The deal involved an agreement to pay A$9.9 million (US$5.08 million) to retiring shareholders one year after the sale was completed.
ALH is a leather producer that operates mainly in the auto industry and made profits of A$14.5 million last year on sales of A$220 million. Schaffer is already the majority stakeholder in Howe Leather and Gosh Leather and has a large property portfolio.
Mr Schaffer of Schaffer Corp said he believed the acquisition of ALH will give value for shareholders and added: "The global automotive leather market is resilient and I am enthusiastic about the long-term profitability of the business."
