SOLNA, Sweden--(BUSINESS WIRE)--Regulatory News:
Loomis' (STO:LOOMB) U.S. subsidiary has been appointed by one of the largest banks in the U.S. to take over the cash management services at four locations, including two of the bank’s major units in Houston and San Diego. The appointment means that the bank branches’ cash will be processed in Loomis’ branches instead of at the banks' vaults, and will commence in the coming months.
“The agreement is fully in line with our global efforts to increase the share of CMS in our customer offer. This is particularly important in the U.S. where the CMS share is smaller than in Europe. CMS entails offering comprehensive solutions by managing customers’ total cash management, including CIT which merely involves transport of cash”, says Loomis' CEO Lars Blecko.
“The appointment, which is strategically important, shows that our investments in, among other things, new modern local branches for cash handling in the U.S. are starting to pay off”, Lars Blecko emphasizes.
The annual order value is approximately USD 7 million annually and about USD 3 million in 2013.
Loomis offers safe and effective comprehensive solutions for the distribution, handling and recycling of cash for banks, retailers and other commercial companies via an international network consisting of almost 400 branch offices in 16 countries. Loomis has 20 000 employees and annual revenue of 11 billion Swedish kronor. Loomis is a midcap listed company on NASDAQ OMX Stockholm. Loomis AB discloses the information provided herein pursuant to the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 10.00 a.m. (CET) on April 8th, 2013.
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