TVS Asianics Supply Chain Solutions Pte. Ltd., an Asian third-party logistics (3PL) provider, said today it has acquired Pan Asia Logistics Group's freight forwarding and contract logistics businesses for an undisclosed sum. Both companies are based in Singapore.
Through the acquisition of the Pan Asia business, TVS Asianics said it has broadened its coverage to all Asian markets. It has now expanded its presence in China, Hong Kong, Singapore, Malaysia, Thailand, and India, and has entered Vietnam, Indonesia, Japan, Korea, and Taiwan, the company said.
The Pan Asia Logistics acquisition will double TVS Asianics' global ocean and airfreight forwarding volumes, and expand its contract logistics and distribution capabilities throughout Asia, especially in Singapore and Malaysia. Pan Asia Logistics' specializes in the automotive, electronics, and pharmaceutical segments.
TVS Asianics operates out of more than 45 locations in 15 countries across Asia, Oceania, and Europe. It expanded its geographic coverage in 2015 by acquiring Transtar International Freight in Australia and in 2017 by acquiring Nadal Forwarding S.L. in Spain.