Yusen Logistics will acquire the Romanian warehousing, transport and intermodal service provider Tibbett Logistics, pending regulatory approval.
European logistics provider Yusen Logistics has agreed to acquire Tibbett Logistics, a wholly-owned subsidiary of UK-based Keswick Enterprises Group, according to a statement from the company.
Tibbett Logistics was established in Romania in 2010 within the contract logistics, warehousing, transport and intermodal sectors. The company controls over 1,248,613 sq. feet of warehousing and has a strong presence in the retail and automotive industries. In addition, Tibbett Logistics manages the Bucharest international rail freight container terminal (BIRFT).
“We believe the sale is in the best interests of all stakeholders – Tibbett Logistics’ customers, suppliers, management, and personnel, as well as Keswick’s shareholders and associated charities,” said John Harvey CBE, executive chairman of The Keswick Enterprises Group. “It represents an excellent fit in terms of skills, sectors, services, and geography. Yusen Logistics’ parent company is quoted on the Tokyo Stock Exchange and will bring the resources and strategy required to reinforce and sustain the continued growth of the business. The move will also provide enhanced opportunities for Tibbett Logistics to participate in pan-European logistics tenders.”
Yusen Logistics stated that the acquisition will provide access and insight into the Romanian market as well as a well-established regional network of warehousing, intermodal and trucking operations. Tibbett Logistics’ customers, in turn, will benefit from the global network of Yusen Logistics and NYK Group.
“We are very pleased to reach this milestone agreement that provides us with both critical mass and insight in the Romanian market. These advantages will give Yusen Logistics the right tools to increase our activities and to optimally serve our customers in this key region,” said Shoji Murakami, CRO at Yusen Logistics Europe. “Moreover, our customers will benefit by receiving logistical solutions for their opportunities in this attractive market. We are therefore also delighted to welcome our new colleagues in Romania and look forward to our cooperation.”
The acquisition is subject to regulatory approval by the Romanian authorities and no financial details have been disclosed.
Yusen Logistics acquires Tibbett Logistics
