Kuehne + Nagel sells major part of its UK contract logistics operations to XPO Logistics
Kuehne Nagel entered into a definitive agreement with XPO Logistics, American transportation, and logistics company, to sell a major part of its UK contract logistics portfolio.
March 09, 2020: Kuehne Nagel entered into a definitive agreement with XPO Logistics, American transportation, and logistics company, to sell a major part of its UK contract logistics portfolio. The scope of the transaction includes drinks logistics, food services, and retail & technology businesses. These operations generated a turnover of approximately CHF 750 million in 2019 and are supported by 7,500 employees.
Both parties have not disclosed financial details. The transaction is expected to close in the second half of the year.
Detlef Trefzger, CEO of Kuehne Nagel International AG comments, "One year ago, we first announced the strategic review of our contract logistics business to improve profitability and focus on our core, scalable solutions. We have now reached a major milestone in this effort, having secured an agreement to sell significant non-core assets in the UK. With XPO Logistics, we are pleased to have found a good new home for our customers and employees."
Kuehne Nagel remains committed to customer solutions and service in the UK across all business units, including contract logistics. In particular, the company retains the industry verticals aerospace, government, and pharma.
