THE world's biggest sea freight forwarder Kuehne+Nagel is acquiring Apex International Corporation, one of Asia's leading forwarders, the Swiss company announced.
Shanghai-based Apex will continue to operate separately within the Kuehne+Nagel Group once the sale is complete.
Apex, a major player in the transpacific and intra-Asia, was founded in China in 2001 and has expanded throughout Asia and beyond.
With 1,600 employees, Apex generates yearly turnover in excess of CHF2.1 billion (US$2.3 billion), handling 750,000 tons air freight and 190,000 TEU of sea freight in 2020.
"The Apex and Kuehne+Nagel provides customers an opportunity in the competitive Asian logistics industry, especially in e-commerce fulfilment, hi-tech and e-mobility," said Kuehne+Nagel International CEO Detlef Trefzger.
Said Apex chairman Tony Song: "With Kuehne+Nagel, we have found a strategic shareholder and logistics group with more than 130 years of heritage. We will complement Kuehne+Nagel's existing global air logistics team while offering our management and key talents unique career opportunities."
The acquisition is subject to customary closing conditions, including merger clearance by the competent competition authorities. The purchase price will be financed by available liquid sources and, if needed, by available credit lines.
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