DHL, the shipping company held by Deutsche Post World Net, has acquired 100 percent in local player Cargus, for an undisclosed value, Ziarul Financiar daily reports on April 18.
According to market sources, the transaction amounted to some 50 million euros. DHL and Cargus will continue to act as separate entities and retain their employees, according to company officials.
Cargus is held by Augustin Plesea and Carmina Dumitrescu, and posted turnover worth 29.7 million euros last year, but budgets a 50% increase for 2008.
"We have signed a sale agreement and the deal will be completed in around three months’ time. We have made this decision because it would have proved difficult to match the performances of international companies on our own," said Augustin Plesea, who will retain his position as manager of Cargus, while Gian Sharp, the current manager of DHL, would run the new management team.
DHL’s turnover from shipping services revolved around 28 million euros last year, given the growth rate announced by company representatives. "We expect DHL and Cargus to become No.1 on the Romanian shipping market," said Gian Sharp, Managing Director of DHL International Romania. This transaction will leave behind companies such as TNT.
Cargus is the first private courier company in Romania, set up 17 years ago. It holds 90 offices and courier centers all over Romania, a fleet of 600 vehicles and 1,800 employees.
The most important player of the domestic courier market, except for DHL, TNT and Cargus are UPS, through TCS, Fan Courier, Couriero and Pegasus.