DB Schenker Logistics to acquire Suomen Kiitoautot Oy in Finland
Berlin/Essen/Helsinki - Oy Schenker East Ab today reported that it had concluded an agreement to acquire the entire share capital of Suomen Kiitoautot Oy, a wholly-owned subsidiary of Kiitoautot Yhtiöt Oy. According to the agreement, the entire operating business will be acquired by DB Schenker. Both companies have agreed not to disclose the purchase price.
Suomen Kiitoautot Oy and Schenker Cargo Oy, an affiliate of Oy Schenker East Ab, together make up two thirds of the Kiitolinja chain. Following the conclusion of the agreement, Suomen Kiitoautot Oy will continue to operate in the medium-term as an independent affiliate in domestic land transport in Finland alongside Schenker Cargo Oy.
“With this acquisition, DB Schenker is strengthening its presence in Kiitolinja’s domestic land transport” said Karl Nutzinger, Member of the Management Board of Schenker AG responsible for Land Transport. “The acquisition consolidates Kiitolinja’s position at the top of the domestic land transport industry in Finland. We were offered a chance to preserve the structure of the Kiitolinja chain in eastern and north-eastern Finland by acquiring Suomen Kiitoautot Oy, the company carrying out operations for Kiitolinja in those regions"
Measured by revenue, Suomen Kiitoautot Oy is one of the largest family-owned companies in the Finnish transportation industry. In 2010, the company, which was founded in 1959, generated revenue of roughly EUR 50.5 million and employed 441 staff members.
DB Schenker ranks among the logistics market leaders in Finland. The company offers domestic land transport (via Kiitolinja), parcel services, home delivery (via Kiitolinja), European land transport, air and sea transport, exhibition freight forwarding, contract logistics, supply chain management and other services. With roughly 1,400 employees, DB Schenker generated approximately EUR 481 million in revenue in 2010 and delivered 3.5 million consignments and 2.8 million package shipments with a total weight of 3.5 million metric tons.
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