Kuehne+Nagel has acquired Apex International Corporation, one of Asia’s leading freight forwarders, and taken a large step toward fulfilling its strategic Asia ambitions.
Air freight forwarder Apex was founded in China in 2001 and as expanded throughout Asia and beyond over the years of its growth history, having gained particularly gained traction in the transpacific and intra-Asia.
Dr. Detlef Trefzger, CEO of Kuehne+Nagel International AG, said: “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, hi-tech and e-mobolity.
“We are looking forward to welcoming the Apex colleagues to the Kuehne+Nagel family.”
Apex generates a yearly turnover in excess of CHF2.1bn (US$2.3bn) and handled a total air freight volume of approximately 750,000 tonnes and sea freight volume of 190,000 teu.
Tony Song, chairman of the board of directors and CEO of Apex, said: “With Kuehne+Nagel, we have found a strategic shareholder and logistics group with more than 130 years of heritage.
“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.”
Apex, with its approximately 1,600 employees, will complement Kuehne+Nagel’s existing global air logistics team.
Kuehne+Nagel has expanded and developed its business in Asia Pacific in the past and is one of the leading players within the region today.
Dr. Joerg Wolle, chairman of the board of directors at Kuehne+Nagel International AG, said: “Asia Pacific has consistently proven to be one of the most important drivers of global trade.
“The acquisition of Apex is a further important cornerstone in our strategy and significant fulfilment of the group’s Asia Pacific ambition.”
The acquisition is subject to customary closing conditions, including merger clearance by the competent competition authorities.
Following closing of the transaction, a minor stake of Apex shares is to remain with the experienced and entrepreneurial management of Apex and the company will then continue to operate separately within the Kuehne+Nagel group.