New takeover

KUEHNE+Nagel to expand in Asia

by Port News Editorial Staff

Swiss logistics group Kuehne+Nagel has taken over Apex International Corporation, a leading freight forwarding company in Asia and the transpacific market.

The acquisition is subject to current contractual conditions, including approval by the relevant competition authorities. The purchase price has not yet been disclosed, but according to some sources it could be around 1.5 billion dollars.

In 2020, the company handled a total air freight volume of around 750,000 tonnes of air traffic and a sea freight volume of 190,000 TEUs.

According to the Chairman of the Board of Directors of Kuehne+Nagel International, Joerg Wolle, the acquisition will enable the company to increase its turnover by 9% and its air freight traffic volumes by 52% and its sea freight by 4%.

Translation by Giles Foster

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