Chicago-based worldwide moving company Sirva is moving ahead with its efforts to divest itself of its logistics-related businesses in order to focus more closely on building its moving services.
For starters, Sirva has wrapped up its $100 million acquisition of Executive Relocation Corp., which specializes in employee relocation and moving consultation services.
In a separate development, Sirva has signed a definitive agreement to sell its European specialized transportation business to Wincanton plc, a European supply chain firm, for $13.6 million (10 million euro). That sale – expected to close in late January – involves Sirva’s midiData Logistik GmbH, North American (UK) Limited, and Sirva Netherlands BV, the three Sirva subsidiaries that operate the European specialized transportation division.
Sirva said it also is finalizing the sale of its North American logistics operations -- known as Specialized Transportation and operated by a group of NorthAmerican Van Line agents – by the first half of 2005.
“We are pleased with the solid progress we are making in our program to divest these asset intensive businesses so that we can sharpen our focus and financial resources on our higher margin relocation services business,” said Brian Kelley, president & CEO of Sirva. “We expect to build on our momentum in the marketplace and continue to add new customers as we further highlight our distinct competitive advantage.”
