VR sells road logistics business to Mutares

National railway operator VR is selling its road logistics unit to the investment company Mutares, said the VR in a press release on Friday.

As a result of the transaction, the personnel working in road logistics and customer contracts will be transferred to a newly established company.

The completion of the transaction requires approval of Finnish Competition and Consumer Authority, which is expected by the end of the year.

"The new company, focusing on road transport, as an owner, enables even better development of the business from the perspectives of customers and the market. The existing employees, customers, and partners are an important resource and competitive factor, so the starting points for the new company - and further strengthening the competitiveness of the business, are excellent," said Chief Executive Officer of VR Elisa Markula.

“With this transaction, Mutares further builds on its presence in Finland, after successful realignment and improved performance in Palmia and Redo. Additionally, this acquisition will leverage our proven success in the logistics sector, with Frigoscandia as a prime example in the Nordics. We are very happy to welcome VR Road Logistics to our portfolio and remain committed to continuing the growth of our presence in Finland and the Nordic region", said Johannes Laumann, Chief Investment Officer of Mutares.

In 2023, the turnover of road logistics was about 80 million euros, and the transport volumes were 4.0 million tons.

About 75 people who work in road logistics operations in Kouvola, Riihimäki and Tampere, will transfer to the newly established company as part of the transaction.

The parties have agreed not to disclose the purchase price. The transaction does not affect VR's rail logistics business.