The sale is pending approval by Romania’s Competition Council and is expected to be completed before the end of 2017. The sale price will not be disclosed, the company said.
Upon completion and approval by the Competition Council, Tibbett Logistics will become a subsidiary fully owned by Yusen Logistics (Europe). The management and staff will be transferred in accordance with the existing terms and conditions and while keeping the same positions. This also applies to David Goldsborough, executive general manager of Tibbett Logistics.
Gavin Withers, who fills the position of president, will remain vice-president of Tibbett Logistics, while also keeping his management position within the Board of Keswick Enterprises Group.
After an initial investment in a transport company in Romania in 2005, Keswick Enterprises Group established Tibbett Logistics, in 2010 when it acquired the shares from the other shareholder of the company as well. Since then, the company has focused on contractual logistics activities and on auxiliary activities.
Tibbett Logistics operates in Romania in the field of contractual logistics, storing, transport and intermodal operations. The company currently has 1,300 employees in its 15 locations in Romania. Nearly 87% of revenues are generated by long-term contracts, usually with multinational companies.
Keswick Enterprises Group Limited was established in 2005 by the management of the former group Tibbett & Britten as private capital investor in the operations associated with the supply chain.
Yusen Logistics (Europe), headquartered in Amsterdam (The Netherlands), is a European provider of logistics services. It is the subsidiary of global company Yusen Logistics Co. Ltd, headquartered in Japan, a member of Japanese group Yusen Kabushiki Kaisha (known as NYK Line) – one of the world’s oldest and biggest shipping companies. Yusen Logistics (Europe) operates in 17 European countries, but currently, it does not carry out any own operation in Romania.