Thiel Logistics CEO resigns
In a surprise announcement, Gunter Thiel, the founder and CEO of the acquisitive Luxembourg based logistics operator, has announced his resignation. This follows a disagreement with the board and major shareholders over the strategic direction of the company. He has been replaced by Dr. Klaus Eierhoff who has already let it be known that he sees the immediate future of the company focused around consolidation and the integration of the acquisitions rather than further growth.
Thiel Logistik was established in 1985 and after a period of rapid growth was floated on the Neuermarkt in 2001. Earlier last year, Delton, an investment vehicle for the Quandt family, who are also major shareholders in BMW, took a controlling interest in the company. Through substantial acquisition, Thiel has grown to become one of Europe’s top ten contract logistics players with revenues of €1.49bn. In the past year revenues increased by 65% over the previous year mainly through the acquisition of Birkart Globistics, Microlog and LOG gmbH. Although the company derives most of its sales from the German speaking countries of central Europe, it is starting to build presence outside of its home market. Amongst its core sectors it focuses on pharmaceuticals, furniture and most recently magazine distribution.
The rapid growth brought about by acquisition has come at the expense of falling profit margins with the collapse of operating income from €65.1m to €1.6m in 2002. This was blamed on poor management in one of its business units and the weak German economy. It is likely that this, combined with the pressures caused by the new investor, led to the disagreement on the future direction of the company.
