Wincanton to sell European businesses
1 min read
Logistics business Wincanton has announced that it is to sell its mainland Europe operations for €46.5 million. It says the German road network and businesses in central and Eastern Europe will be sold to Raben Group of Germany, with the logistics business in the Netherlands being sold to Austrian firm JCL.
Wincanton's announcement follows a strategic business review, which identified the need to focus on key markets where it is already successful or which have higher profit growth potential, and to reduce debt levels.
It plans to use the sale proceeds to "provide greater flexibility in the balance sheet", enabling it to capitalise on opportunities as they arise.
Eric Born, chief executive, commented: "The sale marks an important step in our strategy to focus more closely on areas where we have significant scale and strong growth potential.
"The future of these businesses will be enhanced as part of international groups who have clear ambitions to grow in Europe and I would like to personally thank the respective teams for their hard work and contribution to Wincanton over the years."
The sale is subject to clearance by the relevant authorities and the completion of consultations with works councils.
