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Vos makes further cuts to truck fleet
Page 13
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By Brian Weatherley THE IMPACT of the recession on major Continental road transport companies was brought home this week with the news that Dutch carrier Vos Logistics,one of the largest operators in Europe, is further reducing its truck fleet from 1,700 to 1,300 units as part of a major restructuring that started in the fourth quarter of 2008.
In December Vos cut 345 jobs and decided not to renew the contracts of temporary staff (`Vos to cut 345 jobs in response to recession', CM 18 December 2008).
It is also cutting its permanent staff to 2,300 full-time employees and reducing the working hours of 60 members of staff in the Netherlands.
The firm says it is adapting its organisation in response to the unpredictable de. mand: "The measures have created an efficient and healthy company, able to respond effectively to the extremely fluctuating demand for transport."
Vos also says that its financial position has been further bolstered following agreement with financial parties to extend its current financing arrangements tc 2010. It has improved its guaranteed capital with €36m (£32.5m) and its balance sheet has been considerably strengthened The cost related to this restructuring wit be charged to the result for 2008. "The 2008 financial year will therefore be closed with a loss, due in the main to non. recurring expenses," it says.
Frank Verhoeven, CEO, and Ben Vos CFO of Vos Logistics. say:"We are pleasec we have been able to reach agreemeni with our stakeholders on our restructur ing plan so quickly and so constructively It is proof that all parties are confiden with our approach and the measures wt are taking to guarantee the continuity o Vos Logistics. This restructuring has laid robust base for a healthy company."
The haulage and warehousing giant in sists it will concentrate on retaining it: position in the volume and bulk segmen of the European transport market."