UK-based Keswick Enterprises Group announced on Friday, November 17, 2017, that it had reached agreement to sell its Tibbett Logistics subsidiary in Romania to Yusen Logistics. The disposal is subject to Romanian Competition Council approval, and is expected to complete before the end of the year, the press release says.
John Harvey, Executive Chairman of The Keswick Enterprises Group, said that “the sale is in the best interests of all stakeholders – Tibbett Logistics' customers, suppliers, management and personnel, as well as Keswick's shareholders and associated charities.”
– Yusen Logistics' parent company is quoted on the Tokyo Stock Exchange, and will bring the resources and strategy required to reinforce and sustain the continued growth of the business. The move will also provide enhanced opportunities for Tibbett Logistics to participate in pan-European logistics tenders – Harvey said.
After making an initial investment in a Romanian freight business in 2005, Keswick Enterprises established Tibbett Logistics
in 2010 when it bought out its co-shareholder in the business. The company was then refocused on contract logistics and related activities.
– Since that time Tibbett Logistics has developed into a Romanian market leader in contract logistics, warehousing, transport and intermodal operations – sustaining an 11.5% compound annual growth rate over the past five years. The business now employs 1,300 people across 15 locations in Romania – including the bonded intermodal terminal in Bucharest. Some 87% of revenues are generated through long-term contracts, typically with major multinational companies – the press release says.
The Keswick Enterprises
Group's remaining European supply chain interests include freight forwarding, contract logistics, co-packing/contract packing, recycling, e-fulfillment, procurement and logistics consultancy. The Group remains an active investor in supply chain related businesses in the UK and mainland Europe.
On completion and approval by the Romanian Competition Council, Tibbett Logistics will become a wholly owned subsidiary of Yusen Logistics (Europe). All management and staff will move across on their existing terms and conditions and in the same work locations, the press release says. Yusen Logistics
Co. Ltd, the parent company of Yusen Logistics (Europe) was established in 1955 and currently has over 22,000 employees worldwide at more than 500 locations in 43 countries, plus 2.2 million square meters of warehousing space. In 2016 the business generated annual revenues of USD 945 million in Europe, and USD 4.17 billion worldwide. Services range from supply chain management and consulting, through to contract logistics, hazardous materials logistics and reverse logistics. In addition, Yusen Logistics provides road and rail transport, air and ocean freight forwarding, intermodal and multi-modal transport, plus customs brokerage – nationally and internationally, the press release says.