PostNord acquires Green Cargo's third-party logistics
PostNordAB and Green Cargo AB have signed an agreement for PostNord to acquire Green Cargo’s subsidiary Green Cargo Logistics AB including the associated buildings and real property.
Green Cargo Logistics is Sweden’s second largest company within third-party logistics, with a total storage space of 260 000 m2 in modern premises in Stockholm, Norrköping, Gothenburg, Helsingborg and Copenhagen. In 2011, Green Cargo Logistics had net sales of approximately SEK 1 Billion and an operating profit of SEK 61 Million. Green Cargo Logistics has in recent years experienced a strong and profitable expansion.
By the end of 2011, PostNord adopted its corporate strategy which, among other things, includes continued growth within logistics. PostNord’s logistics operations in Sweden,Denmark, Norway, and Finland had net sales of approximately SEK 13 billion in 2011, weighted towards packages, pallets, and express delivery. The acquisition of Green Cargo Logistics strengthens PostNord’s third-party logistics operations which is fully in line with the group’s strategic focus. The market for third-party logistics is experiencing significant growth.
- Green Cargo Logistics is a well-managed and profitable business and an excellent fit with our strategic ambitions within the logistics area. The business will constitute a solid foundation for our continued development within third-party logistics, says Lars Idermark, President and CEO of PostNord.
As for Green Cargo the sale of Green Cargo Logistics means that the resources will be freed up for the development of Green Cargo’s rail transport operations.
- This is an excellent deal for both Green Cargo and its subsidiary Logistics. Green Cargo will free up resources in order to develop our railway logistics and broaden our offer to the transport dependent Swedish trade and industry. Third-party logistics will get a strong owner which is a able to invest in its continued growth, says Mikael Stöhr, CEO of Green Cargo.
Green Cargo Logistics will become a part of PostNord’s business area Logistics. Head of the business area, Henrik Höjsgaard, will be the Chairman of the Board in the acquired company. The company will later be renamed.
The acquisition is conditioned upon the approval of competition authorities.