New companies for NFC Euro-drive
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• The operations of the National Freight Corporation on the Continent are to be conducted by new subsidiary national companies under Pickfords International Ltd.
Each subsidiary, with its own managing director, will "absorb and integrate" the joint ventures and mergers with Continental operators which NFC plans to initiate in aiming for a gross revenue of more than £.200m in Europe by 1978.
Changes in the Pickfords set-up took place on Sunday to pave the way for these new subsidiaries. Pickfords International Ltd, with Mr J. A. Ross as managing director, will become a headquarters holding company controlling the NFC's overseas investment, A new subsidiary, Pickfords International (UK) Ltd, will carry on the present functions of Pickfords International in the United Kingdom.
Existing PIL organizations on the Continent will be formed into subsidiary companies, generally on a national basis but occasionally corresponding to a geographical area such as Benelux.