Wednesday, Aug 17, 2022
International Finance
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Kuehne + Nagel acquires Chinese freight forwarder Apex International

Kuehne + Nagel Apex_IFM_Image
Financial details of the deal are not disclosed

Germany-based global transport and logistics company Kuehne + Nagel has acquired Apex International, one of Asia’s leading freight forwarders, media reports said. Financial details of the deals are not disclosed by both parties. According to Kuehne + Nagel, it is the biggest deal in the company’s history. It is reported that this acquisition is subject to customary closing conditions.

According to Kuehne+Nagel, Apex has a major presence especially in the transpacific and intra-Asia. The company has roughly 1,600 employees and generates annual revenues of around $2.34 billion.

Detlef Trefzger, chief executive officer at Kuehne Nagel International AG told the media, “The combination of Apex and Kuehne Nagel provides us with an opportunity to offer our customers a compelling proposition in the competitive Asian logistics industry, especially in e-commerce fulfilment, hitech and emobility. We are looking forward to welcoming the Apex colleagues to the Kuehne Nagel family.”

Tony Song, chairman of the board of directors and chief executive at Apex said that with Kuehne Nagel, they have found a strategic shareholder and logistics group with more than 130 years of heritage. He told the media, “We are sure that with this transaction, we will be able to add value for our customers’ supply chains and expand our global logistics network. We will complement Kuehne Nagel’s existing global air logistics team while offering our management and key talents unique career opportunities.”

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