TIBBETT & BRITTEN REPORTS PROFIT RISE, BUYS MEXICAN 3PL
Tibbett & Britten, a British logistics company, said Tuesday its operating profit in 2001 rose nearly 10 percent to $57 million, on gains in Europe and North America, its two home markets, as well as in China and South Africa.
“We have seen no slackening of demand in a developing market,” said John Harvey, executive chairman of the Tibbett & Britten Group.
Tibbett & Britten also said it has purchased the Dimalsa companies, a large logistics group in Mexico, for approximately $59 million.
Dimalsa employs 2,300 people, all of whom are transferring to Tibbett & Britten. Major customers include Danone, Gillette, Kellogg, Office Depot, Procter & Gamble, Unilever and Wal-Mart. Dimalsa’s principal warehouses are in Mexico City, Guadalajara, and Monterrey.
After the Dimalsa acquisition, Tibbett & Britten will employ 36,000 people in 33 countries. As part of the deal, the British provider will assume Dimalsa’s debt of $3.2 million. The final cost will depend on Dimalsa’s trading performance in 2001.
Tibbett & Britten has also acquired a 38-percent equity stake in Davids Distribution Thailand Ltd., a joint venture logistics company in Thailand for retailers of food and consumer merchandise. The principal shareholder remains Davids Asia, a private Australian logistics group, which will continue to manage Davids Distribution Thailand.