Helsinki, Finland: DB Schenker Logistics is to acquire Suomen Kiitoautot Oy in Finland, a wholly owned subsidiary of Kiitoautot Yhtiöt Oy.
DB Schenker will acquire the entire operating business. Both companies have agreed not to disclose the purchase price.
Suomen Kiitoautot Oy and Schenker Cargo Oy, an affiliate of Oy Schenker East, together make up two thirds of the Kiitolinja chain. Following the conclusion of the agreement, Suomen Kiitoautot Oy will continue to operate in the medium-term as an independent affiliate in domestic land transport in Finland alongside Schenker Cargo Oy.
“With this acquisition, DB Schenker is strengthening its presence in Kiitolinja’s domestic land transport,” said Karl Nutzinger, board member of Schenker. “The acquisition consolidates Kiitolinja’s position at the top of the domestic land transport industry in Finland. We were offered a chance to preserve the structure of the Kiitolinja chain in eastern and north-eastern Finland by acquiring Suomen Kiitoautot Oy, the company carrying out operations for Kiitolinja in those regions”
Measured by revenue, Suomen Kiitoautot Oy is one of the largest family-owned companies in the Finnish transport industry. In 2010, the company, which was founded in 1959, generated revenue of roughly €50.5m and employed 441 staff.
