Friday 16th Nov, 2018

Wallenius Wilhelmsen acquires stake in logistics technology firm

Photo: Ingram Publishing
Photo: Ingram Publishing

WALLENIUS Wilhelmsen has acquired a 70% stake in Syngin Technology, a North American company that provides automated vehicle logistics systems for disposition of used vehicles.

Wallenius Wilhelmsen group president and CEO Craig Jasienski said the future of logistics lies in combining digital services, physical assets and a dep understanding of logistics flows.

“With Syngin we boost our digital capabilities, setting us up to better support the changes we see in our customers’ needs for the future,” he said.

Syngin’s system streamlines the movement of vehicles handled by fleet-leasing companies and remarketers to auction houses through a “virtual marketplace” that matches these stakeholders with transportation providers and repair centres.

WW Solutions COO Ray Fitzgerald said he was “thrilled” about the acquisition of Syngin.

“In late 2017 we announced an ambitious strategy to offer ‘full lifecycle logistics’ services and now six months in we have made our first acquisition in this space,” he said.

“The joint capabilities of WW Solutions and Syngin represent a unique opportunity for development both before and after the vehicle’s first point of sale.”

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