Pandemic and unrest lever Barloworld into exiting logistics
Part of a strategy led by CEO Dominic Sewela to simplify the group’s portfolio
Barloworld has begun a formal process to sell its underperforming logistics division, as one of SA’s largest industrial conglomerates further trims its portfolio to focus on its core earthmoving equipment, automotive and food procurement businesses.
In an operational update on Tuesday, Barloworld said it was assessing various offers from interested parties in the logistics business, which was formed in 2001 and counts BP, Unilever and PPC among its clients. The fallout of Covid-19 and the civil unrest in July resulted in depressed volumes for the soon-to-be sold business in the 11 months to end-August, worsened in part by increased fleet running costs...