Romania's OMV Petrom, Vulcangas to open LNG/CNG filling stations
Dronamics, Qatar Airways Cargo team up for drone services
Ryanair to launch operations at Sarajevo airport with 5 routes in 2024
Air Montenegro to launch four new summer routes in 2024
Greece-Bulgaria hydrogen link poised to get EU funding
Nov 25, 2009 16:41 EEST
BELGRADE (Serbia), November 25 (SeeNews) – Austrian carrier and logistics company Gebruder Weiss (GW) said it has bought a stake of more than a 75% in Serbia-based international freight forwarder Eurocargo from Hamburg transporter D-Eckhard Niedermann for an undisclosed amount.
"By taking a majority holding in Eurocargo, we are not only strengthening our local and regional organisation, we are also sending a clear signal that we are consistently pursuing our strategy in order to position GW in the long term as a superb provider of logistics solutions in Central and Eastern Europe,” GW's CEO Wolfgang Niessner said in a statement posted on the company’s website.
You can subscribe to our M&A newsletter here
The residual shares remain in the possession of existing shareholder and managing director Dragan Simovic, the statement said.
"Serbia is a hub and pivotal point in the Balkan region and this purchase is another important step in GW's expansion in south-east Europe," the company's regional manager Erich Schafer said in the statement.
The official merger of the two companies is scheduled for January 1, 2010.
Eurocargo, which employs about 100, posted 9.3 million dinars ($148,456/98,472 euro) in 2008 net loss, compared to a net profit of 3.0 million dinars in 2007, data from Serbia’s business registry showed. It reported a turnover of some 7.5 million euro ($11.3 million) for last year.
Eurocargo operates sites in Dobanovci, close to the capital Belgrade, and Leskovac, in the south, as well as customs offices on the borders with Hungary and Croatia, GE said.
(1 euro-94.4435 Serbian dinars)
You have run out of free articles this month.
Sign up in for
and get ten (10) free articles per month or sign up for
and get unlimited access.
Browse our free newsletter options