SWISS forwarding giant Kuehne+Nagel posted a 3
SWISS forwarding giant Kuehne+Nagel posted a 3.3 per cent increase in third quarter profit ('earnings for the period) to CHF190 million (US$189.2 million), drawn on revenues of CHF5.29 billion, an increase of 12.4 per cent year on year. Year-to-date January-September profit was up 7.1 per cent to CHF570 million, drawn on revenues of CHF15.3 billion, an increase of 13.6 per cent year on year.
In March, K+N acquired 50 per cent of Kuehne+Nagel Drinkflow Logistics (Holdings), Great Britain, a business pertaining to the segment Contract Logistics. The company already owned 50 per cent, valued at CHF23 million.
In August, K+N acquired Panatlantic Logistics SA, Ecuador, an air freight concern specialising in perishables. The purchase price of CHF8 million included a contingent consideration of CHF3 million depending on performance.
From March to September, acquisitions contributed CHF48 million of net turnover and a loss of CHF1 million, including the amortisation of other intangibles of CHF2 million. K+N said its investments in the US perishables market are at the forefront of its air freight strategy.
During the nine-month period, it completed the integration of CFI Commodity Forwarders, a major US-based produce and perishables forwarder, to operate the K+N Fresh Solutions concept in the US. .
