Communiqué d'Exel :
EXEL ACQUIRES LEADING ITALIAN LOGISTICS CAPABILITY
10 November 2003
(London, UK - 10 November 2003) Exel, a world leader in supply chain management solutions, announced today that it is acquiring Cappelletti Spa, a leading Italian logistics business based in Milan. Focused on providing solutions to consumer products and retail companies, Cappelletti had turnover of over €44m in 2002.
Strengthening Exel's logistics operations in Italy has for sometime been a strategic priority for the Group. Demand for professional outsourced logistics solutions continues to grow in Italy, providing opportunities for international logistics specialists to use local skills to build on established global customer relationships. Over the last few years Exel has developed a leading freight forwarding business in Italy and has started to develop contract logistics solutions for the healthcare and retail sectors.
An established business with a strong customer portfolio, Cappelletti Spa will provide Exel with a strong platform from which to develop a broader presence in the fast growing Italian market for supply chain solutions. Focused on the consumer and retail markets, Cappelletti fits well with Exel's customer and sector focused strategy and existing infrastructure in the country.
Headquartered in Milan, Italy, the company has seven business units operating throughout Italy. Cappelletti's customers include some of the leading multinational fast moving consumer goods companies. Cappelletti's key management team will remain actively involved in the business even after the acquisition is finalised.
Consideration will be in cash. Further capped payments could be made, dependent on future performance. Net tangible assets as at 31 December 2002 were €13m (£10m). It is expected that the acquisition will be earnings enhancing in the first full year of ownership. The deal will be subject to certain regulatory clearances.
Fabio Tacchinardi, Managing Director of Cappelletti commented: "Bringing Exel's leading global logistics expertise to Cappelletti's Italian customers will provide significant opportunities to strengthen our relationships and extend the range of value added services we can offer."
John Allan, Chief Executive of Exel, added: "Cappelletti provides Exel with a significant opportunity to strengthen its presence in the important Italian contract logistics market without exposing the Group to asset-intensive operations. The synergies created between the two businesses, combining strong local customer focused operations with global customer relationships, will enable us to accelerate the growth of our business in Italy."
EXEL ACQUIRES LEADING ITALIAN LOGISTICS CAPABILITY
10 November 2003
(London, UK - 10 November 2003) Exel, a world leader in supply chain management solutions, announced today that it is acquiring Cappelletti Spa, a leading Italian logistics business based in Milan. Focused on providing solutions to consumer products and retail companies, Cappelletti had turnover of over €44m in 2002.
Strengthening Exel's logistics operations in Italy has for sometime been a strategic priority for the Group. Demand for professional outsourced logistics solutions continues to grow in Italy, providing opportunities for international logistics specialists to use local skills to build on established global customer relationships. Over the last few years Exel has developed a leading freight forwarding business in Italy and has started to develop contract logistics solutions for the healthcare and retail sectors.
An established business with a strong customer portfolio, Cappelletti Spa will provide Exel with a strong platform from which to develop a broader presence in the fast growing Italian market for supply chain solutions. Focused on the consumer and retail markets, Cappelletti fits well with Exel's customer and sector focused strategy and existing infrastructure in the country.
Headquartered in Milan, Italy, the company has seven business units operating throughout Italy. Cappelletti's customers include some of the leading multinational fast moving consumer goods companies. Cappelletti's key management team will remain actively involved in the business even after the acquisition is finalised.
Consideration will be in cash. Further capped payments could be made, dependent on future performance. Net tangible assets as at 31 December 2002 were €13m (£10m). It is expected that the acquisition will be earnings enhancing in the first full year of ownership. The deal will be subject to certain regulatory clearances.
Fabio Tacchinardi, Managing Director of Cappelletti commented: "Bringing Exel's leading global logistics expertise to Cappelletti's Italian customers will provide significant opportunities to strengthen our relationships and extend the range of value added services we can offer."
John Allan, Chief Executive of Exel, added: "Cappelletti provides Exel with a significant opportunity to strengthen its presence in the important Italian contract logistics market without exposing the Group to asset-intensive operations. The synergies created between the two businesses, combining strong local customer focused operations with global customer relationships, will enable us to accelerate the growth of our business in Italy."