South African IT company expands.
Feb 2000
News
Streamworks
Streamworks, a leading South African industrial IT company, recently announced the acquisition of Logicon, a Durban-based process control and automation company for a maximum consideration of R3,1 million. This move is in line with Streamworks' stated intention of expanding its national network and growing the business into a world-class industrial IT and supply chain management company.
"Logicon operates in the lower end of the industrial IT sector of our business", says Streamworks CEO, Russell Kleyn. "The company has a proven track record with existing clients and skilled resources. By integrating Logicon into Streamworks we will be able to grow our resource and client base in KwaZulu-Natal, further improve our service to our existing clients in the region and offer the Logicon clients a range of higher level industrial IT and supply chain management solutions."
Streamworks listed in the Development Capital sector of the JSE in May 1999. In November 1999, the company posted an excellent set of maiden interim results, reporting a 252% increase in after tax profits. Originally based in Johannesburg, Streamworks now has offices in Cape Town, Durban and Port Elizabeth.
Says Kleyn, "We have demonstrated repeatedly through installation at numerous blue-chip clients that streamlining manufacturing and distribution supply chains produces immediate results. By streamlining both intra-enterprise and enterprise-to-enterprise manufacturing and distribution supply chains, a company can not only dramatically improve its service levels, but also increase the efficiency of existing equipment and optimise the deployment of employees.
Streamworks' existing clients in KwaZulu-Natal include Sasko, Toyota, Wayne Rubber, Robertson Spices and Mercedes Benz, while Logicon's major clients are Resinkem, Tioxide SA, SA Breweries and Umgeni Water.
The acquisition represents less than 5% of the market capitalisation of Streamworks.
Streamworks
(011) 803 4376
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