Container seized with counterfeit cigarettes

A container with 10,770,000 sticks of counterfeit cigarettes, valued at Rs 355 Million was seized by the customs department today.The customs department said that the container was examined by the staff of the customs post clearance and audit division today at Grandpass. The evaded payment is Rs. 300 Million. Investigations are being carried out by Deputy Director of Customs Kithsiri Fernando and C. Perimbanayagam, Superintendent of Customs Prabath Ratnayake and others. (Colombo Gazette) The container was declared as chest freezers imported from Dubai on the vessel ‘ MSC Asya’ by an importer from Nugegoda, producing false information. On the examination customs officers found 10,770,000 sticks of counterfeit cigarettes, valued at Rs. 355 Million.

Volvo to buy Terex small mining trucks business including NHL stake

first_imgVolvo Construction Equipment (Volvo CE) has announced that it has agreed with Terex to acquire the mining truck and ADT manufacturer Terex Equipment Ltd, including related assets and intellectual property. The deal, which is subject to regulatory approval, includes the main production facility in Motherwell, Scotland and two product ranges that offer both rigid and articulated haulers. It also includes the distribution of haulers in the US as well as a 25.2% holding in Inner Mongolia North Hauler Joint Stock Co (NHL), which manufactures and sells rigid mining trucks under the Terex brand in China. NHL is listed on the Shanghai Stock Exchange.Commenting on the rationale of the deal Volvo CE’s president, Pat Olney said: “This is a strategic acquisition that offers Volvo CE considerable scope for growth. The addition of a well-respected range of rigid haulers extends the earthmoving options for customers involved in light mining applications.” In 2012, the businesses in the acquisition (excluding NHL) had net sales of approximately $370 million and an operating income of approximately $33 million. In the first nine months of 2013 net sales amounted to approximately $172 million and operating income was approximately $5.5 million.The acquisition includes five models of rigid haulers up to the TR100, with proven designs and payloads ranging from 32 to 91 t. Volvo said that the introduction of rigid haulers “will extend Volvo CE’s position in light mining; an industry area that is complementary to general construction, oil & gas, aggregates & quarrying and road building – segments that Volvo CE is already active in.” The deal also sees a further three models of ADT added to the Volvo portfolio, with payloads ranging from 25 to 38 t. These machines will support Volvo CE’s already established position in the articulated hauler segment and “offer an extensive field population and opportunities for considerable growth in emerging economies.”If approved, the acquisition adds some 500 employees to Volvo CE’s existing workforce. It also allows for the continued use of the Terex brand name on the relevant machines for a transitional period. The transaction is expected to be finalised during the second quarter of 2014. For implementation, approval is required from relevant authorities.last_img read more