DGAP-News: VTG Aktiengesellschaft: VTG acquires UKtank container hire company Tankspan Leasing
VTG Aktiengesellschaft / Acquisition
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
Hamburg, 14. November 2007 – VTG Aktiengesellschaft of Hamburg has reached an agreement to acquire the UK tank container hire company Tankspan Leasing Ltd. The purchase agreement was signed with the owner, Pacific States Marine Ltd. The parties agreed not to disclose the purchase price. With this acquisition of Tankspan, VTG is pursuing its strategic objective of growing in its core hire competence.
Tankspan, based in Peper Harow, Surrey, generated revenues of USD 8,5 million (about EUR 6 million) in the 2007 financial year, which ended on 31 January 2007. The hire company’s fleet consists of about 3,100 modern tank containers. In addition to its own containers, Tankspan also manages the containers of some private owners on a long-term contract basis. The modern fleet is also comprised of special and gas containers along with standard tank containers. Tankspan is among world's top 10 tank container leasing companies. A wide customer base provides Tankspan with a high capacity utilisation of currently more than 90 percent and consistent earning power.
By acquiring Tankspan Leasing, VTG will continue to establish itself in the growth market of tank container hire. A high level of capacity utilisation characterizes the segment, which is due to the global economic uptrend and the ensuing strong growth in demand for container transport. In the field of intermodal transport of liquid products from the chemical, oil and pressurized gas industries, VTG, with its subsidiary VOTG, is already among the world’s leading tank container operators.
'By broadening our activity to the additional business area of tank container leasing we are continuing to pursue our growth strategy in this expanding segment,' said Dr Heiko Fischer, CEO of the VTG Group. 'VTG has many years of experience both in the wagon hire business and international tank container logistics. We will contribute this expertise at Tankspan and thereby further expand what is already a market leading position', Fischer added.
About VTG AG:
VTG is a leading European rail logistics company. In its core market of Europe, the Company offers wagon hire and a broad range of rail logistics services to its well-known, major clients in the chemical, oil, automotive and paper industries. VTG is also active in the global market for tank container logistics.
With about 48,200 rail freight cars, VTG has Europe’s largest private wagon fleet. The Company’s track record includes many years of experience and specialist know-how particularly in transporting liquid and sensitive goods. With the combination of its three strong business divisions Wagon Hire, Rail Logistics and Tank Container Logistics, VTG offers its clients a high-performance platform for international transport of their goods.
In 2006, VTG generated revenues of EUR 518.6 million and an EBITDA of EUR 112.9 million. The Group’s headquarters are located in Hamburg. Through its subsidiaries, the Company is represented in 33 locations in 9 European countries. On December 31, 2006, the Company had a total of 795 employees across Europe. Furthermore, the VTG Group provides its services in a total of 39 countries, partly through non-consolidated equity holdings and representative offices.
Since June 2007 VTG AG is listed in the Prime Standard of the Frankfurt Stock Exchange.
Head of Communications and Marketing
Phone: +49 (0) 40 2354 1343
Fax: +49 (0) 40 2354 1340
Business and Financial Media
Phone: +49 (0) 211 430 79 70
Fax: +49 (0) 211 430 79 79
14.11.2007 Financial News transmitted by DGAP
Issuer: VTG Aktiengesellschaft
Phone: 040 2354 0
Fax: 040 2354 1199
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hannover, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service