Spanish Azkar Buys 60 Pct in Morata Logistica
Spanish transport and distribution company Transportes Azkar bought 60 pct in the regional transport and distribution company Morata Logistica y Transporte in Alicante province, eastern Spain, for an undisclosed sum, Azkar reported to the Spanish stock market regulator CNMV on March 23, 2004.
Morata Logistica had been a representative for Azkar (www.azkar.es) for the province before the acquisition.
Azkar expects Morata Logistica to contribute 16 mln euro ($19.8 mln) to the company’s turnover in 2004.
Morata Logistica has a total workforce of 240 employees, a fleet of 130 vehicles and 12,000 sq m facilities.
[Editor’s note: Azkar posted a net attributable profit of 18.58 mln euro ($23 mln) in 2003, a 14 pct year-on-year increase. In 2003, revenue increased 10 pct year-on-year to 280.11 mln euro ($346.2 mln), while operating profit stood at 20.15 mln euro ($24.9 mln), down 11 pct from 2002, due to an increase in costs.]
(Alternative/Original Name: Comision Nacional del Mercado de Valores)
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