Yusen Logistics has reached an agreement to acquire Tibbet Logistics, the Romanian subsidiary of Keswick Enterprises in the UK, the Japanese company said. Transaction value was not made public.
Tibbett Logistics provides logistics, warehousing services in Romania and neighboring countries in Southeastern Europe. Tibbett also owns 15 strategic locations locally, leases warehouses with an area of over 116,000 sqm and has 1,300 employees.
The Keswick Group entered the freight transport market in 2005 and set up Tibbett Logistics in 2010 after buying the other shareholder. Over the past five years, Tibbett Logistics recorded an annual growth of 11.5%.
After completing the transaction, which is subject to the Competition Council's opinion, Tibbett Logistics will be part of the European division of the Japanese company.
Yusen Logistics is part of Nippon Yusen Kabushiki Kaisha (NYK), a company founded in 1885 and one of the largest carriers in the world.
Tibbett Logistics Romania recorded last year a turnover of over 23.5 million euros and a profit of 2.15 million euros. (source: economica.net)
