Rhenus Group is to acquire a majority shareholding in the Swiss rail freight operator Crossrail AG.
Subject to approval by European anti-trust authorities, Rhenus will take a 50.1 per cent share of the company in a bid to build its rail freight business.
Not to be confused with London’s Crossrail network, Crossrail AG is a private freight company, headquartered in Muttenz near Basel. The company specialises in providing transalpine services between Italy, Germany, Belgium and the Netherlands.
Michael Viefers, a member of the Rhenus board, said: “Crossrail has managed to develop successfully in a tough market environment during the last few years.
“The company with its range of traction services right across Europe will provide an ideal complement to our railway activities in the form of Rhenus Rail St. Ingbert and Niederrheinische Verkehrsbetriebe NIAG.”
LKW WALTER, Hupac, Le Jeune Capital Partners, Bertschi and MSC will retain their stakes in Crossrail AG. Rhenus has said there are no plans to move the company’s headquarters or change its management team.
The purchase price has been withheld.
Rhenus Group was founded in Germany contrary to earlier report. Rhenus Logistics is a UK-based freight logistics provider.
Rhenus Group is a German company, founded back in 1912. So how can they be Manchester-based, as that description incorrectly gives the impression they are a British company?