Triton, TAL to Create Container Lessor Giant

first_imgzoom US-based Triton Container International Limited and TAL International Group, Inc. entered a merger agreement to create what is described as the world’s largest leasing company of intermodal freight containers with a combined container fleet of nearly five million twenty-foot equivalent units (TEU) and revenue earning assets of USD 8.7 billion.Under the terms of the transaction agreement, Triton and TAL International will combine under a newly-formed holding company, Triton International Limited, to be based in Bermuda and listed on the New York Stock Exchange.“This transaction will create a company with deep industry knowledge, enhanced operating and systems capabilities and expanded fleet size,” Ed Schneider, Co-Founder and Chairman of the Board, Triton, said.“This is a transformational transaction. The new company’s enhanced capabilities, larger scale and improved cost competitiveness will better position it in the current soft operating environment and provide valuable operating leverage when the market recovers,” Brian Sondey, President and Chief Executive Officer, TAL International, said.Triton shareholders will own 55% of the equity of the combined company and TAL International shareholders will own 45%.The combined company expects to realize USD 40 million per year and the cost savings are expected to be fully implemented by the end of 2016.Triton operates a container fleet of 2.4 million TEU, has 19 subsidiary offices in 13 countries and is based in Bermuda. TAL International operates a container fleet of 2.4 million TEU, with 17 offices in 11 countries and is based in Delaware.last_img read more

Nigeria wants to elevate relations with Sri Lanka to a higher level

The Sri Lankan envoy requested the Nigerian Minister to undertake an early visit to Sri Lanka to meet his Sri Lankan counterpart paving the way for closer cooperation in economic, political and cultural spheres further between the two countries and also to witness all the positive developments in Sri Lanka.The Minister accepted the invitation in principle. The High Commissioner of Sri Lanka in Nigeria Thambirajah Raveenthiran paid a courtesy call onhe Minister of Foreign Affairs of Nigeria Geoffery Onyeama. During the brief courtesy call the Minster and the High Commissioner exchanged views on the matters of common interests to both Countries.The High Commissioner briefed the Minister on all the positive developments that have taken place in Sri Lanka since the new Government came to power in Sri Lanka in 2015 under the leadership of His Excellency MaithripalaSirisena. The High Commissioner conveyed the best wishes of Mangala Samaraweera the Minister of Foreign Affairs of Sri Lanka to the Minister of Foreign Affairs Nigeria. The Nigerian Minister of Foreign Affairs the Geoffery Onyeama requested the High Commissioner to convey his kind regards as well to Sri Lankan counterpart. In the course of the discourse the Minister recollected with great admiration and appreciation the late Lakshman Kadikamar the former Foreign Minister of Sri Lanka and the days he spent with him at Geneva. Being a Sri Lankan cricket fan, he also inquired about the well-being of some cricketers particularly Sanath Jayasuria.The Minister expressed great satisfaction on the excellent bilateral relations that exist between the two countries and the need to elevate the relations to a higher level covering many new areas of cooperation in the years to come. (Colombo Gazette) read more