Kuehne+Nagel aims to enhance its Asia logistics network with the acquisition of the Asian logistics provider Apex International Corporation, which represents the largest purchase in the history of the German transport company.
[s2If is_user_logged_in()]Kuehne+Nagel has announced it has entered into a binding agreement to buy Apex, one of Asia’s leading freight forwarders, especially in the transpacific and intra-Asia. The company was founded in China in 2001 and has expanded throughout Asia and beyond.
The acquisition, which is still subject to customary closing conditions, is described as an “important cornerstone in our strategy and significant fulfillment of the Group’s Asia Pacific ambition,” by Dr. Joerg Wolle, chairman of the board of directors at Kuehne + Nagel International AG.
With approximately 1,600 employees, Apex generates a yearly turnover in excess of CHF2.1 billion (US$2.3 billion), while in the previous year, it handled a total of 190,000TEU in seafreight volumes and air freight volumes of approximately 750,000 tonnes.
Following the closing of the transaction, a minor stake of Apex shares will remain with the management of the company, which will then continue to operate separately within the Kuehne+Nagel Group.
At this point, both parties have agreed not to disclose any further transaction details, according to a statement.
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