STINNES SELLS ASSETS TO EXPAND IN LOGISTICS, CHEMICALS
Stinnes AG, the German conglomerate which owns the global freight forwarder Schenker, said that it will expand its core logistics and chemicals businesses, following the sale of its building materials division.
Stinnes announced the sale of the building materials business to Saint-Gobain, a transaction that will provide the German firm with about DM950 million ($470 million) in cash. Stinnes said that it plans to use the proceeds of the sale to expand its core businesses. The two major remaining businesses of Stinnes are transport/logistics and chemicals.
Stinnes recently confirmed that it is considering acquisitions in the transport and logistics sector. In March, the management of Stinnes also said that it wanted the group “to become one of the biggest and most profitable logistics service providers worldwide.”