Wincanton pulls out of Europe with £64m disposal

Chippenham, UK: Wincanton distribution group has offloaded its entire mainland European interests to German transport company Rhenus in a €74m (£64.2m) cash deal.

Wincanton had built up the European operation to include 38 distribution depots across Germany and 30 in France. The German operation included a major intermodal (road, rail and river) base in the North-Rhine area of Germany. In total the business employs around 3,000 people.

The business made an operating profit of approximately €4.1m on revenues of around €558m in the 12 months to March 31. Gross assets were approximately €181m.

Rhenus is paying €44m with an additional €30m to pay off the pension deficit. The disposal is subject to anti-trust clearance and the approval of Wincanton shareholders. Proceeds of the sale will be used to reduce group debt.

Wincanton chief executive Eric Born said: “The sale of our remaining businesses in mainland Europe to Rhenus will enable us to focus on developing our leading position in the UK market, where we have greater scale and see significant potential for profitable growth.

“Rhenus has a strong reputation in the European market and the addition of these businesses to its portfolio will build on its leading position in intermodal services and contract logistics.”

Wincanton shares rose rose 8% or 8p to 103p on the LSE after it announced the disposal of its remaining operations in mainland Europe.

WORLD NEWS

Krone Cool Liner celebrates 25 years

Werlte, Germany: Krone launched its first refrigerated trailer in 1996 and to mark the 25th anniversary a special Edition of the trailer is being launched. …

READ THE FULL STORY >

Bollore Logistics to open new pharma unit

Roissy, France: Bolloré Logistics is to handle healthcare product in its Roissy hub with an 800m2 extension of a pharmaceutical unit. This will give Bolloré …

READ THE FULL STORY >

New coldstore for Brussels Airport

Brussels, Belgium: Brussels Airport has opened refrigerated storage for Kuehne+Nagel, Worldwide Flight Services and Expeditors. Kuehne+Nagel is expanding its activities at Brussels Airport for handling …

READ THE FULL STORY >

Cryoport buys Australian logistics provider

Nashville, Tennessee, US: Cryoport has acquired Critical Transport Solutions Australia for US$5million.It will continue to be run by the current management team but as part …

READ THE FULL STORY >

WHAT’S ON

Latest Tweets

Hultsteins appoints Longhurst Refrigeration as its UK aftersales service partner: bit.ly/3x65xK8 pic.twitter.com/pm8lz8b0iD

© 2021 Global Cold Chain News | Terms of use | Privacy Policy
Commercial Transport Publishing Limited, registered in England and Wales, Company No: 6453302. Registered Office: 6 Corunna Court, Corunna Road, Warwick CV34 5HQ