Keswick Enterprises is to sell its Tibbett Logistics subsidiary in Romania to Yusen Logistics (Europe) for an undisclosed sum.
Keswick chairman John Harvey said: “We believe 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.
“It represents an excellent fit in terms of skills, sectors, services and geography. 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.”
Shoji Murakami, CRO, Yusen Logistics Europe, said: “We are very pleased to reach this milestone agreement that provides us with both critical mass and insight in the Romanian market. These advantages will give Yusen Logistics the right tools to increase our activities and to optimally serve our customers in this key region. Moreover, our customers will benefit by receiving logistical solutions for their opportunities in this attractive market.”
The disposal is subject to Romanian Competition Council approval, and is expected to complete before the end of the year. On completion all management and staff will move across to Yusen including David Goldsborough, Tibbett Logistics’ chief executive.
In addition, Gavin Withers, currently chairman, will remain as deputy chairman of Tibbett Logistics while also retaining his main board directorship at Keswick Enterprises. John Harvey, Executive Chairman of The Keswick Enterprises Group, will have an advisory role with Yusen Logistics.
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.
It has now developed into a Romanian market leader in contract logistics, warehousing, transport and intermodal operations – sustaining an 11.5 per cent compound annual growth rate over the past five years. The business now employs 1300 people across 15 locations in Romania – including the bonded intermodal terminal in Bucharest.