P&O Nedlloyd Container Line Ltd, the second biggest ocean shipping...
P&O Nedlloyd Container Line Ltd, the second biggest ocean shipping company, bought three units of closely held Gilbert Companies to pick up and deliver retail shipments in the US.
P&O Nedlloyd's logistics unit acquired buying Gilbert East, Gilbert West and Gilbert Air Cargo of Linden, New Jersey, which had sales last year of $80 million, co owner Richard Gilbert said. The companies carry shipments by air and truck retailers such as Kmart, he said. Terms were not disclosed, said P&O spokeswoman Nicola Labram.
P&O Nedlloyd created an international logistics unit to manage freight shipments on July 1st. The shipping line lost $68 million in the first quarter, compared with a $31 million profit a year earlier because revenue per shipment fell by seventeen percent. Shipments climbed ten percent this year amid signs of an international economic recovery.
The shares of P&O rose1 pence to 232 pence and have fallen 6.3 percent in the past year. P&O Nedlloyd, whose US headquarters is in East Rutherford, New Jersey, is fifty percent owned by Netherlands-based Royal Nedlloyd NV and London-based Peninsular & Ocean Steam Navigation Co. Ltd.