{"id":46317,"date":"2023-03-29T12:10:24","date_gmt":"2023-03-29T12:10:24","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/rcl-foods-to-sell-frozen-logistics-business-to-denmarks-ap-moller-in-r1-25bn-deal"},"modified":"2023-03-29T12:25:56","modified_gmt":"2023-03-29T12:25:56","slug":"rcl-foods-to-sell-frozen-logistics-business-to-denmarks-ap-moller-in-r1-25bn-deal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/rcl-foods-to-sell-frozen-logistics-business-to-denmarks-ap-moller-in-r1-25bn-deal","title":{"rendered":"RCL Foods to sell frozen logistics business to Denmark’s AP Moller in R1.25bn deal"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Remgro-owned RCL Foods has inked a deal to sell its frozen logistics business Vector Logistics for R1.25 billion to Copenhagen-headquartered AP Moller Capital.<\/p>\n

AP Moller Capital is a fund manager that focuses primarily on Africa and Asia, and is part of AP Moller Holdings, which also the parent of logistics and shipping giant AP Muller – Maersk.<\/p>\n

Vector owns cold storage facilities in South Africa and has a fleet of vehicles that transport frozen products from processing plants and warehouses to stores and other destinations. Its clients include Wimpy and Steers owner Famous Brands, poultry giant Astral and dairy producer Lancewoods. The group also offers sales and merchandising services.<\/p>\n

Vector contributed just over a tenth of RCL’s R20 billion in half-year revenue.<\/p>\n

RCL Foods is valued at about R10.7 billion on the JSE. It owns brands like Ouma, Rainbow Chicken and Bobtail.<\/p>\n

“Vector Logistics is highly respected with a long track record in SA and we are excited to contribute to its transformative vision for both the industry and the region,” said AP Moller Capital partner Joe Nielsen. “Vector Logistics\u2019 reliable operations enable maintenance of the cold chain for food products, which increases shelf life and reduces food waste. We see a growth opportunity for Vector Logistics and we believe that our experience and our network will help to drive this growth.”<\/p>\n

“We believe this is an important and positive step forward for Vector Logistics, which has grown significantly in the 18 years it has been part of RCL Foods,” said CEO Paul Cruickshank. “We believe that AP Moller Capital is the ideal custodian to support Vector Logistics\u2019 success because of its extensive operational and investment track record in Africa and the infrastructure sector and the strong alignment between the parties\u2019 respective ways of working, business values and transformational focus.” he said.<\/p>\n

“In addition, this is an important step for RCL Foods in our journey to reshape the portfolio.”<\/p>\n

In 2020, the company resolved to separate its branded products businesses from its poultry and logistics operations in order to better position them for growth.<\/p>\n

Click here for details on RCL Food’s shares and other info.<\/p>\n

Shares in RCL Foods were up about 0.4% to R12 in morning trade on Wednesday, and have risen more than 15% so far in 2023.<\/p>\n

The deal remains subject to various approvals.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Remgro-owned RCL Foods has inked a deal to sell its frozen logistics business Vector Logistics for R1.25 billion to Copenhagen-headquartered AP Moller Capital. AP Moller Capital is a fund manager that focuses primarily on Africa and Asia, and is part of AP Moller Holdings, which also the parent of logistics and shipping […]<\/p>\n","protected":false},"author":84,"featured_media":46315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,4452,4069,4879,3620,275],"class_list":["post-46317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-chicken","tag-logistics","tag-rcl-foods","tag-shipping","tag-south-africa-2"],"yoast_head":"\nRCL Foods to sell frozen logistics business to Denmark's AP Moller in R1.25bn deal - South Africa<\/title>\n<meta name=\"description\" content=\"Remgro-owned RCL Foods has inked a deal to sell its frozen logistics business Vector Logistics for R1.25 billion to Cope ...\" \/>\n<meta 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