IFCO predicts 3Q loss due to costs related to immigration sweep

Sept. 28 — IFCO Systems NV said it expects to post a “minor pretax loss” for the third quarter due to legal costs and a decline in productivity related to investigations into the company by the U.S. Immigration and Customers Enforcement Agency.

The company, the largest pallet recycler in the United States, had about 1,200 of its employees arrested in April after the agency made a sweep through 26 company sites looking for illegal immigrants.

“The company anticipates improvement in the productivity and profitability of the PMS business segment as well as declining legal costs, and therefore expects a positive result for the fourth quarter 2006,” IFCO said.

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IFCO predicts 3Q loss due to costs related to immigration sweep
Waste News