TUI completes concentration of logistics on shipping VTG's rail logistics operations sold to Compagnie Européenne de Wagons
| Service |
Hanover, June 6, 2005
TUI divests its rail logistics business, pooled under its wholly owned subsidiary VTG AG, to the Compagnie Européenne de Wagons. The French company belongs to a fund being managed by the investment company IPE-Ross (Investors in Private Equity). The parties agreed to observe secrecy concerning the purchasing price. The divestment is subject to the approval of the competent antitrust authorities and TUI's Supervisory Board. The transaction is expected to be closed by the end of September 2005. ’With this move, we have swiftly terminated the concentration of our logistics operations on shipping. The divestment will enable us to reduce our net debt by around 400 million euros', said Dr Michael Frenzel, CEO of TUI, expressing his satisfaction with the conclusion of the deal.
VTG offers a wide range of rail-based logistics solutions, in particular for customers in
the chemical, petrochemical and mineral oil industries. The company is particularly
competent in handling hazardous goods. With 45,000 tank and railway goods wagons, VTG is Europe's biggest private rental company. In 2004, the company generated turnover of around 400 million euros with a staff of around 500.
IPE is an independent investment company headquartered in Paris, established by
Philippe Nguyen in 2002. The company primarily invests in well-established international industrial and services companies. Its strategy is to support the management teams of the acquired companies in the further development of operations leading in the markets and to promote the persistent growth of the companies.
For further information please contact:
Björn Beroleit, phone +49 511 566-1310
Nicola Gehrt, phone +49 511 566-1435