Spain Tir To Invest 26 Mln Euro in Madrid, Valencia in 2003

Spanish freight forwarding and logistics group Spain Tir will invest 26 mln euro ($30.4 mln) in opening logistics centres in Madrid and Valencia by the end of 2003, Spain Tir president, Lluis Gay, said on May 20, 2003.

The company will choose one out of two logistics centres, which are currently being built in Madrid. It will operate the centre that will be completed first and will invest 21 mln euro ($24.6 mln) in the centre, Spain Tir added. The company has a logistics services terminal in Coslada, near Madrid. Spain Tir handled one million tonnes of cargo in 2002, up 11.5 pct year-on-year. Within five years, Spain Tir plans to double the traffic it currently handles, Gay added. The company posted a 152.4 mln euro ($178 mln) turnover for 2002, up 9.1 pct year-on-year and its net profit rose 4.8 pct to 3.24 mln euro ($3.79 mln).

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Source: Cinco Dias