Joint Venture to Finance Trailers in Europe

Semitrailer supplier Schmitz Cargobull AG (Horstmar, Germany) and the Dutch leasing and financing specialist De Lage Landen International BV (Eindhoven, Netherlands) have founded a joint venture called Cargobull Finance BV. This joint venture will provide financing for Schmitz Cargobull trailers throughout Europe. As of Aug 22, 2000, Cargobull Finance will start offering financing for hire purchase, leasing, and full-service leasing (contract hire) in Germany, France, Denmark, Belgium, Netherlands, and Luxembourg. In 2001, activities will be further expanded to other European nations.

De Lage Landen International BV will hold 51% of the shares in the venture and Schmitz Cargobull AG 49%. Besides its own workforce of 30 people, Cargobull Finance will be able to use personnel and know-how of both joint-venture partners.

Rene Roelfsema has been appointed managing director of Cargobull Finance. Roelfsema previously was managing director of DAF Financial Services in the Netherlands.

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