Wincanton announces European Commission approval of Mainland European disposal
Wincanton has announced that the European Commission has approved the disposal of its remaining operations in Mainland Europe to Rhenus AG & Co. KG, which was announced on August 15, 2011. The disposal is expected to complete on January 2, 2012.
In August 2011, Wincanton announced an agreement to sell its operations in Mainland Europe to Rhenus. The deal included Wincanton’s intermodal and contract logistics activities in Germany, as well as the contract logistics and transport services provided by Wincanton in France.
The sale was agreed for €44m, with Rhenus assuming a net pension deficit of €30m, resulting in an enterprise value of €74m.
In the twelve months to March 31, 2011, these activities generated revenue of approximately €558m and an operating profit of approximately €4.1m.
Through the sale of its Mainland Europe operations, Wincanton is now focused on its operations in the UK and Ireland.
Quelle: eyefortransport
Portal: www.logistik-express.com