Another Lex sak
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• I.ex Systemline, the contract distribution company hived off last year from Lex Wilkinson, has rejoined its parent under Federal Express.
Although Systemline was specifically excluded from the £24 million deal in January, in which United States parcels giant Federal bought Wilkinson and heralded a general sell-off of most of Lex's transport interests, Federal announced last week that it had bought Systemline for 23.6 million.
The deal gives Lex the right to £1.6 million in debts owed to Systemline and follows a separate approach by Federal to acquire Systemline.
It adds assets worth about £1.6 million — Lex revalues its assets annually — turnover of £9.1 million and £1.1 million profit to the £40.7 million turnover (£3.1 million profit) Wilkinson business.
It also reunites two companies which have continued to share facilities including Wilkinson's Wilkont computerised documentation and monitoring system.
In a statement issued last week, Systemline said it will remain a separate business within Wilkinson.