Exel acquires Fujitsu Logistics

Exel acquires Fujitsu Logistics    Exel, a U.K.-based provider of logistics services, has completed the acquisition of Fujitsu Logistics Ltd., a logistics provider formed in 1988 to service companies in Fujitsu Ltd., a Tokyo-based provider of information technology.
   Fujitsu Limited sold Fujitsu Logistics Limited to Exel for 25 million pounds (about $38 million), or 5 billion yen, to be settled from existing cash funds.
   Another payment of up to $12.5 million pounds could occur after three years, depending on the performance of Fujitsu Logistics Ltd.
   Exel said it incurred “some modest integration costs which will be taken as an exceptional item in 2004.”
   Fujitsu Logistics Ltd. has 470 employees and 1,100 contract staff at 57 locations throughout Japan, managing distribution and warehousing services. The company also operates a managed road and rail freight network.