TDG is extending its chemical business to Spain with the £21m takeover of Doman SA and its related company Ferrer Logistica SL. The company will be now known as TDG Doman.
Doman is Spain’s leading company in packed chemicals distribution and is expected to report a profit before interest of £2.1m on a turnover of £46.7m. It operates from locations in Barcelona, Tarragona, Madrid, Bilbao, Irún, Logroño, Castellón and Valencia. Net assets acquired are expected to be £9.2m.
The deal complements the acquisition in February 2006, of the Belgian chemicals logistics business, TDG Mond.
Graeme Rooney, managing director of TDG European Chemicals, said: “ Doman provides national and international ADR transport services, warehousing, freight forwarding and customs brokerage to the chemicals sector.”
Doman has 179 employees, including those at an office in the UK and will continue to be managed by Fernando Sanchez Doman’s existing Managing Director for the past 17 years.
* TDG has reported headline profit before tax of £14.4m in 2006, in line with market expectations, down from £16.1m in 2005. Sales were up from £510m to £531m on the back of contract wins worth £60.7m (2005: £19.8m). Total profit before tax rose from £11.3m to £15.2m.
Chief executive David Garman, said: “TDG has delivered profits for 2006 in line with market expectations established a year ago. The reduction in headline profits from the previous year reflects the impact of contract renewal rates which in 2005, as previously announced, dipped below our previous high retention rates due to rationalisation in the UK retail sector.”
