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Boston-based records management company Iron Mountain Inc. (NYSE: IRM), which earlier this year divested itself of most of its Iron Mountain Digital division for $380 million, has sold its New Zealand business unit to local express service Freightways Ltd., according to Freightways, which said it operates in the information management space in both New Zealand and Australia. Freightways said it is paying $10 million (US) for the Iron Mountain operation, known as Iron Mountain New Zealand Ltd., which expects to have 2011 revenue of about $12 million (NZ) and EBITDA of $1.5 million.
Iron Mountain originally announced in July that it expected to divest its New Zealand operations, which includes some data storage and recovery operations. That month, Iron Mountain reduced its revenue outlook for 2011 by about $200 million – but said adjusted earnings per share are likely to increase.
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