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PSL sold to Wincanton
Page 15
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LOGISTICS SUPPLIER Wincanton has acquired defence and aerospace logistics group Product Support Limited (PSL) for £27m.
The defence sector is a new market for Wincanton, and the purchase continues its strategy of entering sectors via acquisition.
Chris Kingshott, business unit director for Wincanton, says: "This gives us a good sector to go further into Europe with."
The acquisition follows other Wincanton purchases in new logistics sectors, such as Hanbury Davies in the container market (`Wincanton snaps up Hanbury Davies', CM 24 January).
With its talents in spare parts and components, the predominantly UK-based PSL has clients that include aerospace materials provider Honeywell; 422 employees will transfer to Wincanton.
The deal is set at an initial approximate debt-free cost of £27m. Kingshott confirms that, for the moment, PSL will retain its own brand name.