ABX Logistics

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ABX Logistics (initially ABX Transport ) was one of the world's largest forwarding companies for air and sea freight and one of the ten largest road transport companies in Europe . In Brussels -based company took in 2008 in the Danish transport - and logistics company DSV A / S , where continued under the name ABX Logistics subsidiaries operate under the name of DSV.

Company history

ABX Logistics was founded in 1993 under the name ABX Transport as a subsidiary of the Belgian Railways (NMBS / SNCB) in order to be able to offer transport services away from the rail.

Expansion through acquisitions

From the late 1990s onwards, ABX Logistics expanded rapidly through the acquisition of competitors under the leadership of the managing director Etienne Schouppe and CEO Jean-Louis Dermaux. Among other things, 1998, the German companies were Thyssen Haniel Logistics from the Thyssen subsidiary Thyssen Trade Union AG and BahnTrans (a joint venture of Thyssen Trade Union AG with the Deutsche Bahn ) taken together with 7,500 employees. In 1999 ABX Logistics acquired 90% of the Italian company Saima Avandero with 1,400 employees and in 2000 the integration of the French Dubois group with 3,600 employees was completed. The aim of the acquisitions was to set up a European network for general cargo transport .

Increasing deficit

However, the company has lacked profitability since its inception ; Above all, in the 1990s, increasing overcapacities in the European transport sector resulted in generally falling prices. According to press reports, a net loss of 254 million euros was posted for 2002, and for 2003 it should have been 70 to 80 million euros - with sales of 2.5 billion euros. The cross-subsidization of the business operations of ABX Logistics was criticized by private sector associations and finally declared by the European Commission to be competition-distorting .

Although ABX Logistics was operating at a high loss, the management stuck to the expansion strategy in search of synergies . The company steered further and further into financial difficulties.

Redevelopment initiative

In 2002, ABX Logistics was spun off from SNCB and spun off into its own holding company after the Belgian Deputy Prime Minister and Minister of Transport Isabelle Durant, in a conflict with Etienne Schouppe, urged the company to be sold. In the course of this, Schouppe had to vacate the position of CEO he had taken over in 2001. Laurent Levauxs was appointed as his successor. With the help of sales of loss-making subsidiaries and a capital injection of EUR 250 million agreed with the EU Commission, ABX Logistics was now to be restructured and prepared for sale. In 2003, for example, the French division was sold to the former Dubois management for one euro and the divested subsidiary was relieved of around 220 million euros in debts. In 2005 an operating profit was achieved for the first time in the company's history, but a net loss remained due to the negative business in Germany. At this point in time, ABX Logistics was in debt with around 368 million euros, within a few months 3,000 of 15,000 jobs had been cut. The debt of the parent company SNCB had increased from 6 billion to 8.3 billion euros within one year.

No buyer was found for the German forwarding branches of ABX Logistics. In order to get rid of the loss-making business in Germany, a cooperation with the medium-sized freight forwarding association CargoLine was agreed at the beginning of 2006 for the ABX locations in question , which thus rose to become the largest general cargo cooperation in Germany. Several ABX branches merged with CargoLine or its partner companies, while the rest of the cooperation network continued as a joint venture. The German contract logistics division was sold to Loxxess .

privatization

In August 2006, the British private equity company 3i took over ABX Logistics for EUR 80 million. Of this, 70 million euros were to be invested in ABX Logistics, while only 10 million euros were actually transferred to SNCB for the purchase of the company shares and expected financial obligations. In the previous year, the value of the company was estimated jointly by SNCB Holding and 3i at "almost EUR 300 million". At the time of the takeover, ABX Logistics was, according to various sources, still in debt with around 200 to 250 million euros - mostly to SNCB. The fact that in the course of the sale they undertook to reduce most of the financial liabilities, which were ultimately covered with state aid, caused public outrage, especially since a total of around 1.5 billion euros in taxpayers' money over the past ten years flowed into ABX Logistics. At that time, ABX Logistics had around 10,000 employees and the company had a turnover of around 2.5 billion euros. The Belgian division was sold separately to General Logistics Systems for EUR 23 million ; GLS thus rose to become the market leader in parcel sales in Belgium.

In 2007, ABX Logistics generated a net profit of 17.8 million euros for the first time in the company's history. The following year, ABX Logistics was sold to DSV with an enterprise value of EUR 750 million . The still existing German ABX branches were separated from the CargoLine cooperation network as a result of the takeover.

At the time of the merger, ABX Logistics had a turnover of around 1.8 billion euros, was active in almost 100 countries and employed more than 6,500 people in 35 countries.

Violations of competition law

ABX Logistics has been involved in several violations of competition law . In 2012, the European Commission sentenced ABX Logistics to a fine of 379,000 euros for violations of European competition law by a French subsidiary between 2003 and 2004. Due to violations of Italian competition law in the period from 2002 to 2007 by Saima Avandero , a fine of 23.6 million euros was first imposed in 2011, which was reduced to 19.7 million euros in the following year. In the USA, ABX Logistics is said to have been involved in illegal price fixing with other logistics companies. The proceedings against ABX Logistics were closed in 2013 for a payment of US $ 3.5 million . In Austria, too, ABX Logistics was involved in cartel agreements to a small extent with a subsidiary until 2007.

Individual evidence

  1. ↑ Robert Z. Lawrence, Jannifer Blanke, Margareta Drzeniek Hanouz, John Moavenzadeh: The Global Enabling Trade Report 2008 . World Economic Forum , Geneva 2008, ISBN 978-92-95044-06-7 , pp. 401 ( weforum.org [PDF]).
  2. ↑ 2016 Annual Report ( English , PDF, 5.0 MB) DSV A / S . P. 82ff. February 10, 2017. Retrieved October 31, 2017.
  3. ^ Christoph Dörrenbächer: Corporate Reorganization in the European Transport and Logistic Sector in the 1990s . LIT Verlag, Münster 2003, ISBN 3-8258-6774-9 , p. 26 ( limited preview in Google Book search).
  4. ↑ Thyssen sells logistics division . The world . April 8, 1998. Retrieved October 31, 2017.
  5. ↑ Stukgoeddaughter NMBS scheep met General Parcel ( Dutch ) De Tijd . August 27, 1997. Retrieved October 31, 2017.
  6. ^ Association for the promotion of competition and fair behavior in the forwarding, logistics and transport trade eV (Ed.): State and semi-public companies distort the competitive conditions in the European forwarding and logistics market . LIT Verlag, Cologne 2004, p. 9 ( psp-consult.de [PDF; 551 kB ; accessed on October 31, 2017]).
  7. ↑ Un concurrent déloyal pour les transporteurs? ( French ) La Libre Belgique . March 2, 2002. Retrieved October 31, 2017.
  8. ^ Association for the promotion of competition and fair behavior in the forwarding, logistics and transport trade eV (Ed.): State and semi-public companies distort the competitive conditions in the European forwarding and logistics market . Cologne 2004, p. 19 ( psp-consult.de [PDF; 551 kB ; accessed on October 31, 2017]).
  9. ↑ Commission decision of 7 December 2005 on the state aid granted by Belgium to ABX Logistics (C 53/2003 (ex NN 62/2003)) . In: European Union (Ed.): Official Journal of the European Union . L 383, December 28, 2006, ISSN  1725-2539 , p. 21st ff . ( eur-lex.europa.eu [accessed on January 29, 2016]).
  10. ↑ Un rêve d'expansion qui tourne au cauchemar ( French ) La Libre Belgique . November 14, 2002. Retrieved October 31, 2017.
  11. ↑ ABX is spun off from SNCB . DVV Media Group GmbH - Eurailpress . February 26, 2002. Retrieved January 29, 2016.
  12. ↑ Zeven kandidaat-investeerders voor ABX Logistics ( Dutch ) De Tijd . July 1, 2002. Accessed October 31, 2017.
  13. ↑ ABX Logistics: Belgian railways present restructuring plan . VerkehrsRundschau . November 19, 2002. Retrieved November 20, 2017.
  14. ↑ Van Belgian colli service dead international logistieke groepX ( Dutch ) De Standaard . June 24, 2008. Retrieved October 31, 2017.
  15. ↑ ABX Logistics Worldwide kruipt uit diep dal ( Dutch ) De Tijd . June 1, 2005. Accessed October 31, 2017.
  16. ↑ ABX Logistics Worldwide perçoit le bout du tunnel ( French ) La Libre Belgique . October 5, 2004. Retrieved October 31, 2017.
  17. ↑ ABX Logistics is for sale . VerkehrsRundschau . March 7, 2005. Retrieved November 20, 2017.
  18. ↑ ABX et CargoLine font affaire ( French ) Actu-Transport-Logistique.fr. February 10, 2006. Retrieved November 20, 2017.
  19. ↑ 1993 - A Star Is Born. Milestones in the history of CargoLine . CargoLine GmbH & Co. KG. Retrieved on November 20, 2017: “5 ABX branches find a new home at CargoLine; further ABX operations will be taken over by CargoLine partners or continued as a joint venture "
  20. ↑ Loxxess new owner of ABX Contract Logistics . VerkehrsRundschau . February 2, 2006. Retrieved November 20, 2017.
  21. ↑ RADAR SCREEN ( English ) JOC.com. Retrieved October 31, 2017: “Logistics industry buzz is that 3i, a British private equity-venture capital firm, is considering selling off ABX Logistics for approximately 600 million euros ($ 913 million). That would represent a massive premium over what it paid 18 months ago when it acquired the company from Belgian railways group SNCB Holding for a reported 80 million euros ($ 121.7 million). "
  22. ↑ a b 3i sells ABX LOGISTICS to DSV after transformation ( English ) 3i . June 23, 2008. Archived from the original on January 29, 2016. Retrieved on January 29, 2016.
  23. ↑ 3i reprend officiellement ABX Logistics ( French ) La Libre Belgique . August 4, 2006. Retrieved October 31, 2017.
  24. ↑ 3i sells ABX LOGISTICS to DSV after transformation ( English ) 3i . June 23, 2008. Archived from the original on January 29, 2016. Retrieved on January 29, 2016: “3i, funds managed by 3i, ABX Management and other shareholders acquired ABX in August 2006 from the Belgian Railways (NMBS / SNCB Holding) after having signed a Memorandum of Understanding with SNCB Holding on 22 March 2005 for an Enterprise Value of approximatively EUR 300 million […] "
  25. ↑ 3i betaalt 10 miljoen voor ABX ( Dutch ) De Standaard . June 14, 2006. Retrieved October 31, 2017.
  26. ↑ NMBS is probleemkind kwijt ( Dutch ) De Tijd . August 4, 2006. Accessed on October 31, 2017: “Sinds vandaag behoort ABX niet meer tot het patrimonium van NMBS Holding. Jannie Haek is a gifted owner. Het avontuur heeft de ladenbetaler 1,5 miljard cost. Paradoxaal enjoyed gaat de nieuwe privé-Eigenaar he only earn money with me. "
  27. ↑ ABX: ardoise plus salée pour la SNCB ( French ) La Libre Belgique . April 9, 2008. Retrieved January 29, 2016.
  28. ↑ Europa behoedt NMBS voor kater van half miljard euro ( Dutch ) De Standaard . December 7, 2005. Accessed October 31, 2017.
  29. ↑ Aide d'Etat N 769/2002 - Belgique, Aide au sauvetage en faveur de ABX Logistics (filiales F, D, NL et groupe) ( French , PDF; 233 kB) EU. January 21, 2003. Retrieved January 29, 2016.
  30. ↑ 3i completes ABX LOGISTICS buyout ( English ) 3i. August 3, 2006. Archived from the original on January 29, 2016. Retrieved on January 29, 2016: "ABX LOGISTICS was formed between 1998 and 2001 by means of a series of acquisitions, and now operates in close to 100 countries worldwide and through own operations in 35 countries. The company currently has a turnover of € 2.5bn and a workforce of approximately 10,000 people. "
  31. ↑ Eerste winst voor ABX ( Dutch ) De Standaard . May 30, 2008. Retrieved October 31, 2017.
  32. ↑ Van Belgian colli service dead international logistieke Groep ( Dutch ) De Standaard . Retrieved October 31, 2017.
  33. ↑ ABX Logistics (Acquired by DSV 2008 previously acquired by 3i 2006) ( English ) Supply Chain Leaders Intelligence. Retrieved January 29, 2016.
  34. ↑ A dream come true ( English ) In: moves, DSV's magazine for employees, shareholders and other stakeholders . DSV A / S . P. 4ff. August 2008. Retrieved January 29, 2016.
  35. ↑ European Commission's final decision Following a Statement of Objections ( English , PDF, 69.6 kB) DSV A / S . March 28, 2012. Retrieved February 1, 2016.
  36. ↑ Anti Trust Proceedings in Italy ( English , PDF, 82.6 KB) DSV A / S . March 31, 2012. Accessed February 1, 2016.
  37. ↑ Scott Flaherty: ABX To Pay $ 3.5M To Exit Freight Forwarding Cartel Suit ( English ) Law360 . January 30, 2013. Accessed February 1, 2016.
  38. ↑ DSV - ABX Logistics Worldwide NV / SA settles US class action lawsuit ( English ) DSV A / S . January 31, 2013. Archived from the original on February 1, 2016. Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Retrieved February 1, 2016. @1@ 2Template: Webachiv / IABot / investor.dsv.com
  39. ↑ see also the Freight Forwarders Settlement website : https://www.freightforwardcase.com/
  40. ↑ BWB / K-150 fine decision against 30 companies in the freight forwarding industry . Federal Competition Authority . January 23, 2015. Accessed February 1, 2016.