Exel bids to acquire rival Tibbett & Britten
Jun 17, 2004 12:16 PM, from staff and wire reports
United Kingdom logistics firm Exel has made a £328 million (US $602 million) offer for its competitor Tibbett & Britten. With this purchase, Exel would strengthen its presence in the United States contract logistics market, where T&B’s consumer goods and retail customers would complement its own mostly industrial client and freight-forwarding activities. The enlarged company, with combined revenue of £6.7 billion (US $12.3 billion), would dominate the fragmented UK logistics sector and enjoy greater influence overseas.
Exel and T&B both provide contract logistics services to major retailers and manufacturers and enjoy a global footprint in addition to their domestic UK operations. In the Asia Pacific region—which Exel has identified as a key strategic market for future growth—Exel would especially benefit from increased coverage and scale through T&B’s established presence.
