SWISS global transport and
logistics company Kuehne
+ Nagel has entered into an
agreement to sell a major part of its UK contract logistics portfolio to XPO Logistics, including the drinks logistics, food
services and retail and technology businesses, for an undisclosed amount.
These operations generated a
turnover of CHF750
million (US$800.9 million) last year and employed 7,500 staff.
Kuehne
+ Nagel International CEO Dr Detlef Trefzger commented: "One year ago, we first announced
the strategic review of our contract logistics business to improve
profitability and focus on our core, scalable solutions.
"We have now reached a major
milestone in this effort, having secured an agreement to sell significant
non-core assets in the UK. With XPO Logistics, we are pleased to have found a
good new home for our customers and employees."
Kuehne + Nagel said it remains
highly committed to excellent customer solutions and service in the UK across
all business units, including contract logistics. In particular, the company
retains the industry verticals aerospace, government and pharma. These are
amongst the group's scalable leverage areas.
The transaction is subject to
customary closing conditions including merger clearance by the competent
competition authorities. The deal is expected to close in the second half of
the year.
Source : HKSG.
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