Freight forwarding and logistics provider Kuehne+Nagel International AG has acquired the Asian logistics provider Apex International Corp., marking the largest merger in Kuehne+Nagel’s history as it moves toward fulfilling its strategic Asia ambitions, the company said today.
Terms of the deal were not disclosed. But the companies said that Apex will continue to operate separately within the Kuehne+Nagel Group after the transaction closes, and that Apex management will retain a minor stake of company shares.
Founded in China in 2001, Apex has grown to be a leading Asian air freight forwarder, with a focus in the transpacific and intra-Asia sectors, the firm said. With approximately 1,600 employees, Apex generates $2.3 billion in yearly revenue, handling total air freight volume of approximately 750,000 tons and sea freight volume of 190,000 twenty foot equivalent units (TEU) in 2020.
By adding those capabilities, Germany-based Kuehne + Nagel will be able to offer its customers “a compelling proposition in the competitive Asian logistics industry, especially in e-commerce fulfilment, hi-tech, and e-mobility,” Detlef Trefzger, CEO of Kuehne + Nagel International AG, said in a release.
The move follows Kuehne + Nagel’s 2020 decision to sell its contract logistics operations in the U.K. and Ireland to Connecticut-based XPO Logistics Inc., saying that move positioned it to better concentrate on its service offerings in the e-commerce and pharmaceutical sectors.
Kuehne+Nagel enters into an agreement to acquire "Apex", one of the leading Asian air freight forwarders; the acquisition marks a large step forward in fulfilling Kuehne+Nagel’s strategic Asia ambitions: https://t.co/WmvcIH5xN5 #airfreight #Asia #Apex #acquisition pic.twitter.com/YXDWBcA7l9— Kuehne+Nagel (@Kuehne_Nagel) February 22, 2021