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MO shopping in West Germany
Page 20
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• P&O has bought one of West Germany's largest transport and distribution companies Rhenania — from Bowater for £45 million.
P&O group chairman Sir Jeffrey Stirling, says: "The acquisition of Rhenania further strengthens P&O's market position in European transportation and distribution. We intend to benefit for the market growth which will follow trade liberalisation in 1992."
Rhenania is based in Mannheim and also operates in France through Mondia Kirwan, in Switzerland through Roba, and in Austria and in Holland through Kirchner.
Its 450-strong fleet consists of mainly rigids and drawbars with demountable bodies. It also has 33 vessels on the Rhine where it operates four container terminals.
Rhenania also has a large shareholding in Rhine Container BV and is a partner in Rhine RU RO which runs scheduled services on the river. In 1988 the Rhenania made pre-tax profits of more than E4 million.
P&O already owns Ferrymasters, P&O Containers and P&O Roadtanks. Following the completion of the Rhenania buyout, P&O European Transport Services will have more than 6,000 staff, 1,600 vehicles, 8,500 trailers and 55 ferries and Rhine barges.
Geoffrey Whitehead, chairman of P&O European Transport Services says: "Rhenania is a strategic move for 1992 which diversifies our markets. We are not just a door to door trailer operator now, but a distribution company."