Poland’s PKP Cargo says wants to buy rival CTL Logistics
By: Reuters | Sep 03 2014 at 05:35 AM | Intermodal | Logistics
Poland’s PKP Cargo, the European Union’s (EU) No.2 rail cargo operator by tonnage transported, wants to buy its rival CTL Logistics to gain a stonger foothold in Poland and Germany, it said on Wednesday.
PKP Cargo, controlled by Poland’s state-run railways operator PKP and trailing only Deutsche Bahn on the EU market, signed a letter of intent with European Rail Freight II, CTL’s majority owner.
Last year, CTL transported 12.6 million tonnes of cargo and booked revenue of 726.6 million zlotys ($228 million).
The gradual economic revival in some parts of Europe has improved demand for transport services and helped to lift PKP Cargo’s first-half net profit by 67 percent to 128 million zlotys.