Wincanton to Dispose German Road Activities
Raben will acquire the Wincanton German Road activities which operate from 16 locations across Germany for an enterprise value of E36m. In addition it will acquire Wincanton's businesses in Central and Eastern Europe (CEE) comprising operations in Poland, Hungary, Czech Republic and Slovakia, which provide both in-country contract logistics solutions.
Under the share sale agreement, JCL will acquire the Wincanton logistics operations in The Netherlands which provide warehousing and transport solutions from five locations, including an international transport hub in's-Heerenberg. The enterprise value is E10.5m.
On completion of the sale, approximately 2,850 Wincanton employees will be transferred to Raben and JCL respectively.
Eric Born, CEO of Wincanton, said: â€œThe sale of the German Road activities, our businesses in Central and Eastern Europe and The Netherlands marks an important step in our strategy to focus more closely on areas where we have significant scale and strong growth potential. We will work closely with Raben, JCL and our customers to maintain a high quality of service and ensure a smooth transition period. I would like to personally thank the respective teams for their hard work and contribution to Wincanton over the years.â€
At March 31, 2011, the disposed activities generated revenue of approximately E446m, and operating losses of approximately E0.6m. Gross assets were approximately E155m.
Wincanton is a European supply chain solutions provider. Its services cover the entire supply chain, from raw materials to recycling.
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