THIEL LOGISTIK TAKES OVER MAJORITY OF BIRKART GROUP

THIEL LOGISTIK TAKES OVER MAJORITY OF BIRKART GROUP

   Thiel Logistik AG, the expansionist Luxembourg logistics group, has acquired a majority of the business divisions of Birkart Globistics AG, the large German international forwarding and logistics group.

   Thiel Logistik will acquire divisions that employ 3,000 of the 3,500 employees worldwide of Birkart. Thiel expects the acquired businesses to add net sales of about 410 million euro ($365 million).

   Thiel Logistik said that the acquisition will enable it to “enter the innovative fashion logistics sector and to expand its activities in Europe, Asia, Africa, the Americas and Australia.”

   The financing of the takeover will be divided between liabilities, cash, and the issue of approximately 1.2 million new shares.

   As a result of the takeover, Thiel Logistik now expects total annual sales of 1.6 billion euro ($1.4 billion) and earnings before interest and tax of 109 million euro ($97 million).

   In separate developments, Thiel Logistik also announced the takeovers of two German logistics companies, GAT and AF-Logistik

   GAT employs 188 people and has net sales of 13 million euro ($12 million).

   AF-Logistik specializes in air cargo, and has 90 employees and net sales of 6 million euro ($5 million).