LOGISTICS company Kuehne+Nagel has acquired Apex, an Asian freight forwarder.
Apex, founded in China in 2001, has about 1600 employees and generates a yearly turnover of 2.1 billion Swiss francs (almost $3 billion). In 2020, the company handled a total air freight volume of about 750,000 tonnes and sea freight volume of 190,000 TEU.
Kuehne + Nagel International CEO Detlef Trefzger 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-mobility. We are looking forward to welcoming the Apex colleagues to the Kuehne+Nagel family”.
Apex CEO and chairman Tony Song 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. We will complement Kuehne+Nagel’s existing global Air Logistics team while offering our management and key talents unique career opportunities.”
Kuehne + Nagel chairman Joerg Wolle said, “In the past years, Kuehne+Nagel strategically and with great efforts expanded and developed its business in Asia Pacific. Today we are one of the leading players and are further accelerating our growth and impact in this region. 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.”
According to a statement from Kuehne+Nagel, the acquisition is subject to customary closing conditions, including merger clearance by the competent competition authorities. The purchase price will be financed by available liquid sources and, if needed, by available credit lines. Following closing of the transaction, a minor stake of Apex shares is to remain with Apex management. The company will then continue to operate separately within the Kuehne+Nagel Group.