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Feb 23, 2021 at 4:40 PMLogistics company Kühne+Nagel has acquired the Asian logistics provider Apex International Corporation. Apex is considered one of the leading Asian air freight specialists. This marks the largest acquisition in Kühne+Nagel’s history and is an important step in implementing its strategic ambitions in Asia.
(Schindellegi) Kühne+Nagel has signed binding contracts to acquire Apex International Corporation (“Apex”). The company is one of the leading logistics providers in Asia, particularly in the trans-Pacific and intra-Asian markets. Apex was founded in 2001 in China and has expanded throughout Asia and beyond over the years. With approximately 1,600 employees, Apex generates annual revenues of over CHF 2.1 billion. In 2020, the company handled an air freight volume of around 750,000 tons and a sea freight volume of 190,000 TEU.
Dr. Detlef Trefzger, CEO of Kühne + Nagel International AG, states: “With the merger of Apex and Kühne+Nagel, we can offer our customers an attractive service portfolio in the highly competitive Asian logistics market – particularly in the areas of e-commerce fulfillment, hi-tech, and e-mobility. We are excited to welcome the Apex team to the Kühne+Nagel family.”
Added Value for Customers’ Supply Chains
Tony Song, Chairman of the Board and CEO of Apex, adds: “With Kühne+Nagel, we have gained a strategic majority shareholder with over 130 years of success. The transaction expands our global logistics network and creates significant added value for our customers’ supply chains. Our employees will perfectly complement Kühne+Nagel’s global air freight team; at the same time, we can offer them unique new career opportunities.”
Dr. Jörg Wolle, Chairman of the Board of Kühne + Nagel International AG, comments: “In recent years, Kühne+Nagel has intensively and strategically expanded its activities in the Asia-Pacific region. Today, we are among the leading logistics providers in the region and will continue to accelerate our growth and influence. The acquisition of Apex is an important milestone in our Asia-focused strategy, one of the fastest-growing regions of the global economy.”
The acquisition is subject to the usual contractual closing conditions, including approval by the relevant competition authorities. The purchase price will be financed from available liquid funds and, if necessary, from existing credit lines. A small portion of the Apex shares will remain with the experienced management of Apex even after the closing. Following the completion of the transaction, the company will continue to operate independently within the Kühne+Nagel group. Both parties have agreed to keep further details of the transaction confidential at this time.
Photo: © Kühne + Nagel
