Wincanton sells Euro operations to Rhenus AG
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WINCANTON IS selling its remaining European operations for €44m (£39m) to focus on its core UK & Ireland business.
Following the disposal of its German road business and Dutch logistics operations in June, Wincanton is now selling its remaining operations on the Continent to Rhenus AG & Co.
Subject to shareholder approval, the deal sees Rhenus add Wincanton’s German intermodal and contract logistics activities, which operate from 38 locations, as well as its French business, which operates from 30 sites, to its own. The businesses employ a total of 3,000 people, and in the year to 31 March 2011 contributed €558m of turnover and €4.1m of operating proit.
Eric Born, chief executive of Wincanton, says: “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 signiicant potential for proitable growth.”