CTR and TIP form Euro trailer giant
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• Rental rivals Central Transport Rental (formerly Tiphook) and TIP Europe are joining forces to create Europe's largest trailer rental company following a £118m bid for CTR from GE Capital, part of General Electric of the US.
Christopher Mackenzie, vicepresident of GE Capital, says he had no concerns about intervention from the competition regulators because the TWO companies' combined share of the European market only amounts to about 2%. Mackenzie says that GE plans to rationalise the two groups' operations, but stresses that no decision has been taken about which depots, if any, will be closed.
He adds that he wants to expand the business and will have room for the best people from both companies.
Although GE is assuming £240m of debt as part of the CTR bid, it will get its hands on more than £300m of assets. CTR recently reported its first profit in five years.