P&O SELLS CONTRACT LOGISTICS BUSINESS IN EUROPE
The Peninsular and Oriental Steam Navigation Co. said Monday it has agreed to sell its contract logistics business, which comprised the larger part of P&O Trans European, to Wincanton plc for '152 million ($190 million).
P&O’s contract logistics business specializes in automotive, industrial, petrochemical and consumer goods, for clients that are primarily multinationals requiring integrated cross-border supply chain solutions.
The other part of P&O Trans European, a unit loads business trading as P&O Ferrymasters, will be integrated into P&O Ferries.
The sale has nothing to do with P&O Nedlloyd Logistics, a unit of P&O Nedlloyd, in which the P&O Group has a 50-percent interest.