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Another step forward! The world's largest shipping forwarder announced the acquisition of a well-known customs company!
Dec 04,2023
Recently, the world's largest shipping agent, De Xun, announced that it will acquire a customs company headquartered in Canada.Farrow，This will expand the customs agency business in North America, improve the cross-border service capabilities of the United States, Canada and Mexico border areas, and provide better services for companies that rely on customs clearance services.
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With the announcement of the acquisitionFarrow,Kuehne Nagel took a step forward in its 2026 roadmap growth targets.
The acquisition complementsKuehne Nagel provides services to companies that increasingly rely on customs clearance services and support growing needs in an increasingly complex international trade regulatory environment.
it is reported that,Headquartered in Windsor, Ontario, Canada, Farrow is one of North America's largest private and family-owned providers of customs clearance, trade advisory and logistics services.
Its excellent service comes from112-year tradition and employs 830 people at 41 locations in Canada and the United States.andIn 2022, Farrow processed more than 1.5 million customs declarations.
De Xun will take a new step
AcquisitionFarrow will immediately increase earnings and will expand the company's customs capabilities in a complementary manner,Especially on the Canadian-Mexican border in the United States.
A spokesman for Kuehne Nagel said: "With Farrow, we have acquired a leading diversified customs declaration and logistics company with a proven track record of success, a growth-oriented mindset and significant business scalability.
Acquisition Farrow significantly accelerates Kuehne Nagel's growth ambitions in the customs market and is a compelling strategic fit point that expands the value-added solutions we offer.
in addition,Chairman Farrow also said: "We are very happy to be able to take our family business to the next level,and the opportunity to be part of one of the world's leading logistics companies.
This allows us to combine our extensive expertise in customs clearanceThe combination of Kuehne Nagel's capabilities and global reach allows us to deliver extraordinary supply chain solutions to our customers and create new career development opportunities for our colleagues.
This yearIn June, Kuehne Nagel also signed the acquisition of Morgan Cargo, a freight forwarding company specializing in the transportation and handling of perishable goods in South Africa, the United Kingdom and Kenya, strengthening its business expansion in the Middle East and Africa.
It is reported that the acquisitionThe Farrow transaction is expected to close in the first quarter of 2024.The acquisition is subject to regulatory approvals and customary closing conditions.
After the transaction is completed,Farrow will become a wholly owned subsidiary of Kuehne Nagel.
It is reported that this yearIn March, Dexun announced the "2026 Strategic Development Path", with the goal of significantly improving profitability while continuing to implement the asset-light model in the next four years..
According to the data,In the first three quarters of this year, De Xun net revenue18.159 billion Swiss Franc(approx.$20.231 billion), down 41% YoY;
EBITDA (EBITDA) 2.158 billion Swiss francs (approximately US $2.404 billion), down 42% year-on-year; earnings before interest and tax (EBIT) 1.581 billion Swiss francs (approximately US $1.761 billion), down 49% year-on-year.
In the maritime logistics business, net revenue in the first three quarters6.804 billion Swiss francs (approximately US $7.58 billion), down 54% year-on-year; EBIT was 0.875 billion Swiss francs (approximately US $0.975 billion), down 49% year-on-year.
In addition, to achieve container traffic3.2 million TEU.
For the performance of the first three quarters, De XunCEO Stefan Paul said:Although the economic recovery has not materialized as scheduled,However, Dexun performed well in the third quarter, and we gained market share and guaranteed earnings.
We are executingThe '2026 Strategic Development Pathway' has achieved significant success, especially in the renewable energy sector and the Asian market.In the fourth quarter, we will continue to focus on cost control.
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