Tuesday 6th Dec 2016 - Logistics Manager

No comment on Gist sale report

Neither Linde nor Gist is commenting on a report by news agency Reuters that Linde is seeking to sell its UK-based logistics subsidiary.

According to Reuters, Linde has asked Morgan Stanley to find a buyer for the Gist business, which provides logistics services for retailers and manufacturers, notably Marks & Spencer.

Linde has declined to comment on the Reuters story. But last year it made it clear that it no longer regarded Gist as a core business.

Gist FrostCruise CF65Gist Ltd had a turnover of £405m in the year to 31st December 2014, producing an operating profit of £35.6m.

Linde acquired the Gist business when it bought BOC in 2006. There was speculation then that it would sell the business, as it was not core to the gases business that Linde was focusing on. However, reports from Germany at the time suggested that Gist’s largest customer, Marks & Spencer would not look favourably on a sale.

Linde sold off its materials handling business in 2006. This was rebranded Kion.