Kuehne+Nagel opens facility in El Paso
NewsKuehne+Nagel is consolidating four warehouses into a new facility in El Paso, Texas, due to the growing trend of nearshoring, opening on August 5, 2024.
Kuehne+Nagel has agreed to acquire City Zone Express
Headquartered in Malaysia and established in 2006, City Zone Express has over 500 employees and operates in Malaysia, Singapore, Vietnam, Thailand, and China.
Swiss-based global logistics provider Kuehne+Nagel has agreed to acquire City Zone Express, a subsidiary of Chasen Holdings Ltd., a Singapore Exchange Mainboard-listed company.
Completion of the transaction is expected within the coming months. The acquisition is subject to approval from applicable regulatory authorities and Chasen Holdings’ shareholders.
“A reputable regional player”
Hansjörg Rodi, Member of the Management Board at Kuehne+Nagel International AG, responsible for Road Logistics, said: “Asia’s economies are an attractive area for us to develop our road logistics services in line with our Roadmap 2026. With City Zone Express, we acquire a reputable regional player whose network and capabilities ideally complement our own. It enables us to better support our customers with tailored road logistics solutions in complex cross-border environments.”
S. Pirithivaraj A/L Selvarajoo, Founder of City Zone Express, added: “We are thrilled and privileged to become a member of the Kuehne+Nagel Group, an industry leader in air and sea freight, and a renowned player in road freight. With our combined footprint in road logistics, we can better meet the growing demand for road logistics services in Southeast Asia. This region is known as an important manufacturing hub for critical industries like high-tech, semiconductors, and e-commerce.”
Headquartered in Malaysia and established in 2006, City Zone Express has over 500 employees and operates in Malaysia, Singapore, Vietnam, Thailand, and China. The acquisition of City Zone Express will be immediately earnings-accretive and strategically enhance Kuehne+Nagel’s cross-border road logistics service offerings in Asia.
Kuehne+Nagel business normalises, earnings halved
Earlier today, Project Cargo Journal informed that Kuehne+Nagel continues to see a normalization in its business outcomes, with a 48% decrease in net earnings for 2023 compared to 2022.
The company reported a net income of €1.5 billion (CHF 1.46 billion) for 2023, alongside a net turnover of €24.9 billion (CHF 23.8 billion), marking a 40% decline from the previous year.
This shift in results is attributed to the company’s adjustment to regular business conditions in 2023, following the unique economic circumstances of 2021 and 2022.
Read more HERE.