Logistics company CWT said the European commodity business it acquired in October is continuing to grow, according to a company official.

CWT bought a 60% stake in Amsterdam-based Sitos Group BV, which operates warehousing and logistics services for soft commodities, in October. The company’s revenue from Europe climbed 69% to $54.2 million in 2008, accounting for 9% of total sales.

“The European commodity venture is growing as we speak,” Adam Slater, managing director of CWT’s commodity operations said in an interview yesterday. “It will continue to contribute to our business.”

CWT shares dropped 3.5% to 55.5 cents today after surging 11% yesterday. The stock has gained 82% this year, compared with the benchmark Straits Times Index’s 36% advance.