Logistics supplier Wincanton has acquired defence and aerospace logistics group Product Support Limited (PSL) for £27m. The defence sector is a new market for Wincanton and the purchase continues its strategy of entering sectors through acqusition.
Chris Kingshott, business unit director for Wincanton, says: "This gives us a very good sector to branch further into Europe with." The
acquisition follows other Wincanton purchases in new logistics sectors, such as Hanbury Davies in the container market.
With its specialism in spare parts and components, the predominantly UK-based PSL has clients including aerospace materials provider Honeywell 422 employees will transfer to Wincanton. The deal is set at an initial approximate debt-free cost of £27m. Kingshott confirms that for the moment PSL will keep its own brand name.
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