Park Logisitics - Creating Supply Chain Solutions

Park Logistics - Creating supply Chain Solutions

Creating Supply Chain Solutions
Warehousing - Distribution - Fulfilment - Co-Pack

Phone: 0115 940 3332

Email : sales@parklog.co.uk


TIP Trailer Services sold to Chinese firm

  • 24 June 2013
  • By Kevin Swallow

GE Capital, the parent company of TIP Trailer Services, has agreed to sell its European trailer rental business to the Chinese company HNA Group Company (HNA).

The deal includes 48 branches based in 16 countries, more than 100 rental locations and 45,000 units. The deal is likely to be concluded in the next three to four months once HNA Group has completed the process of meeting regulatory approval in China.

Bob Fast, president and CEO of GE’s TIP Trailer Services, said the transaction will strengthen it’s proposition as significant strategic investment and growth are anticipated.

He added: “It’s great news for our employees, customers and partners. During this period of transition we continue to operate as business as usual, delivering the same high quality service levels to our valued customers.”

Adam Tan, vice-chairman and president of HNA, said: “The acquisition of TIP strategically fits within HNA Group’s existing portfolio…and significant revenue synergies exist between TIP and HNA’s logistics and financial services businesses (sic).Tip TRailer Services signing

“HNA has been seeking to make strategic investments in companies that focus on innovation, growth, and have high quality management.”

HNA is listed as a privately-owned business with a $76bn (£49bn) annual revenue, according to Fortune magazine in 2012, operating in markets that include aviation, finance, hotel, construction, logistics, real estate, retail and tourism. It employs more than 120,000 people.

In 2011 it bought the shipping-container business GE SeaCo from GE Capital and its partner SeaCo Ltd for $1bn.

  • The current edition of Commercial Motor magazine (20 May) on sale now features a profile of TIP Trailer Services.

‘);
}
//]]


Article source: http://www.commercialmotor.com:80/latest-news/tip-trailer-services-sold-to-chinese-firm