London Carriers sold
Page 12
If you've noticed an error in this article please click here to report it so we can fix it.
• Philips Electronics is pulling out of distribution and selling its in-house delivery firm to Inter Forward of Sweden.
The sale of the wholly owned subsidiary, London Carriers International, will allow Philips to concentrate on its main manufacturing business says Ric Foot, Philips' director of corporate relations.
Philips is in discussions with London Carriers to ensure that it continues its "close rela tionship" with Philips in the UK, says Foot. "It's not just a matter of flogging-off vehicles. We must make sure the service continues for our customers." The talks follow eight months of negotiations over the sale with a number of interested parties.
The delivery arm, which will be sold as a going concern, has more than 200 vehicles, 13 sites and 1,000 staff. About 80% of the fleet is used on Philips work; the rest is involved with third-party business, providing transportation, storage and forwarding. It has a turnover of about £35m.
The Inter Forward Group, which is a subsidiary of Swedish holding company RATOS, has an annual turnover of some 2550m, and a team of 70 subsidiary companies covering 12 countries including two UK general forwarders: Norfreight and Zust & Bachmeier.