China’s Sinotrans Limited, one of the largest logistics and transport companies in the world, has acquired Dutch logistics company KLG Europe for almost EUR 400 million, Ziarul Financiar reported. The deal included KLG’s Romanian division.

Earlier this year, KLG Europe increased its stake in the local division from 80% to 100% by taking over a 20% stake from local entrepreneur and local division manager Dragoş Geleţu.

The local subsidiary KLG Europe Logistics posted EUR 40 million turnover and EUR 1.6 million net profit in 2018.

The logistics company has clients in sectors such as IT&C, chemical industry, food industry (goods that can be transported at ambient temperature), electronic parts and equipment, automotive, spare parts and fashion. In the last three years, the number of clients has remained constant, at about 500.

The company announced plans to open a new hub in Iasi and expand the storage area by another 45,000 sqm in the period 2019-2022 following investments of EUR 25 million.

(Photo: Pixabay)

editor@romania-insider.com