Bruce Barnard, Special Correspondent | Dec 30, 2011 10:23AM EST
German logistics operator Rhenus will take over the French and German operations of UK rival Wincanton on Jan. 2 to become the largest inland container terminal operator on the river Rhine.
European Union regulators last week approved the $107 million deal which completed Wincanton’s exit from mainland Europe. The logistics operator says it will focus on its core distribution business in the UK and Ireland.
The EU said the acquisition would not restrict competition because of the presence of alternative container terminals with spare capacities, the non-discriminatory regulatory regime in Germany and the competitive pressure from rail links to the ports of Amsterdam, Rotterdam and Antwerp.
Wincanton’s French and German operations generate annual revenue of around $715 million, mainly from contract logistics and intermodal transport, and employ 3,000 people.
“We are delighted at the final approval from the anti-trust authorities … and we look forward to tackling the tasks ahead of us,” said Rhenus CEO Klemens Rethmann.
Earlier in the year, Wincanton closed on the sale of its businesses in the Netherlands and disposed of its trucking operations in Germany and Central Europe. The mainland Europe business booked first-half profit of $6.9 million on revenue of $665 million.
Family-owned Rhenus has annual revenue of $3.9 billion and employs around 18,000 people at more than 290 stations around the world.
