20.5 C
Hamburg
Friday, July 3, 2020
Home Most Visited XPO Logistics acquires K+N's UK contract logistics portfolio

XPO Logistics acquires K+N’s UK contract logistics portfolio

Kuehne + Nagel has entered into a definitive agreement to sell a major part of its United Kingdom contract logistics portfolio to XPO Logistics.

The scope of the transaction includes the drinks logistics, food services and retail and technology businesses. These operations generated a turnover of approximately CHF750 million (US$810.5 million) in 2019 and are supported by 7,500 employees, according to Kuehne + Nagel.

Both parties have agreed not to disclose financial details. The transaction is expected to close in the second half of the year and is subject to customary closing conditions including merger clearance by the competent competition authorities.

“One year ago, we first announced the strategic review of our contract logistics business to improve profitability and focus on our core, scalable solutions,” Dr. Detlef Trefzger, CEO of Kuehne + Nagel International AG, commented. “We have now reached a major milestone in this effort, having secured an agreement to sell significant non-core assets in the UK.”

- Advertisment - LR Sustainability Decarbonisation Digital Adverts

Latest Posts

Crew kidnapped off Benin

Five crew members including the Captain have been kidnapped from a Pacific International Lines (PIL) vessel 150 miles southwest of Cotonou Benin. The attack occurred...

Reduced costs boost STC profits

As Covid-19 continues to disrupt markets around the world, ocean carriers are reducing capacity and sailing speeds. With sailing options reduced, especially on Asia-Europe...

Foolhardy forecasts and trading places

Even as some 21 states postpone the roll back on plans to ease their lockdown regimes and the International Maritime Fund (IMF) has revised...

Shipping giants keep pushing up rates across the globe

Major shipping lines are continuing to increase rates in various regions, as part of their capacity management measures that have seen a squeeze on...

COSCO unit launches Jinzhou-Hainan service

COSCO Shipping Lines and its intra-Asia unit, Shanghai Pan Asia Shipping, have launched a service connecting Jinzhou port in China’s north-eastern Liaoning province, to...