Kerry Logistics takes over big Turkish air freight forwarder ASAV
HONG KONG's Kerry Logistics has acquired a majority stake in Turkish freight forwarder Asav Lojistik Hizmetleri Anonim Sirketi (ASAV) in a move designed to 'further the expansion of its global network and strengthen its international freight forwarding capabilities
HONG KONG's Kerry Logistics has acquired a majority stake in Turkish freight forwarder Asav Lojistik Hizmetleri Anonim Sirketi (ASAV) in a move designed to 'further the expansion of its global network and strengthen its international freight forwarding capabilities.'
'Building upon ASAV's competitive advantages of established operations and a diversified mix of domestic and international customers, the acquisition will help Kerry Logistics to gain a major foothold in Turkey and further consolidate its network and capabilities in the region,' said a company statement.
ASAV was set up in 1994 and, according to International Air Transport Association (IATA) rankings, was Turkey's biggest air cargo agent by tonnage in 2017 and 2018.
ASAV has seven offices in Turkey, comprising five in Istanbul, one in Bursa and one in Izmir. It also maintains an office in Amsterdam. It has a warehouse of 452,000 square feet in Istanbul with both bonded and non-bonded storage areas, as well as a bonded warehouse of 21,500 square feet in Amsterdam, reported London's Air Cargo News.
Acquiring the majority interest in ASAV will enable Kerry Logistics to 'tap into the business potential of a promising market and create greater synergy with the diverse mix of customers it brings,' said Kerry Logistics' global freight forwarding managing director Mathieu Biron.
'The partnership is poised to significantly boost our IFF [international freight forwarding] capabilities in Turkey and enrich our resources in the Europe-Asia freight route, instrumental in helping us to further expand our IFF business worldwide,' said Mr Biron.
ASAV vice chairwoman Melek Karabacak said joining Kerry Logistics will allow ASAV to combine its local and regional expertise with Kerry's 'global network and extensive service offerings to support our ongoing development and provide a broader range of innovative solutions to our existing and future customers'.
In September, Kerry announced its group results for the first six months of 2019 that showed its core net profit declined by four per cent to HK$669 million (US$85.47 million) despite a 13 per cent increase in the group's turnover to HK$19.8 billion.