Kuehne & Nagel acquire freight companies

Source: Supply Chain Digital

Date :09/11/2007 11:44:26

Kuehne & Nagel International AG, the world's biggest sea-freight forwarder, has acquired two German freight transport companies to expand European network transport.

In a statement today, the Switzerland-based company said it had bought G.L. Kayser Spediteur, based in Mainz, and Cordes & Simon Group, based in Hagen for an undisclosed sum.

The companies have combined sales of €20 million ($323 million).

Expanding network

The distribution and logistics company is expanding the overland transport business as trade volumes rise, with operating profit rising 60 percent last year.

“`The acquisitions significantly strengthen our network and market position in Germany, and provide us with an ideal platform to dynamically expand our overland activities in Europe,” Kuehne & Nagel Chief Executive Officer Klaus Herms said in the statement.

Sales in the Rail & Road Logistics unit, which handles overland deliveries, jumped 17 percent in the first nine months, more than double the market growth, Kuehne said.

November 9, 2007