JAPAN's nippon Express Holdings has completed its acquisition of several cargo-partner businesses based in central and eastern Europe.
The shares of the businesses were acquired by a special purpose company wholly owned by Nippon Express Europe, which is in turn a subsidiary of Nippon Express Holdings.
Terms of the deal were not disclosed but when the deal was first announced in May 2023 it was expected to cost the Japanese firm around US$740 million, according to London's Air Cargo News.
The deal will propel the joint company into one of the top five air freight forwarders with volumes of more than one million tonnes.
In 2022, Nippon Express was the sixth busiest air freight firm as it handled around 867,039 tonnes, while cargo-partner was 24th with 218,607 tonnes.
Nippon Express hopes to make further acquisitions in the future as it aims to become a 'global mega forwarder' as outlined in its 2023 business plan.
In terms of customer base, Nippon Express has a focus on electric and telecommunication, automotive, pharma, apparel and semiconductors.
Cargo-partner's strengths lie in high tech and electronics, automotive and industrial spare parts, pharma and healthcare, fashion and lifestyle, foodstuffs, perishables and retail.
'Going forward, the NX Group and cargo-partner will maximise the synergies they generate as a unified entity to help create value for the NX Group's customers and stakeholders,' Nippon Express said.
SeaNews Turkey
The shares of the businesses were acquired by a special purpose company wholly owned by Nippon Express Europe, which is in turn a subsidiary of Nippon Express Holdings.
Terms of the deal were not disclosed but when the deal was first announced in May 2023 it was expected to cost the Japanese firm around US$740 million, according to London's Air Cargo News.
The deal will propel the joint company into one of the top five air freight forwarders with volumes of more than one million tonnes.
In 2022, Nippon Express was the sixth busiest air freight firm as it handled around 867,039 tonnes, while cargo-partner was 24th with 218,607 tonnes.
Nippon Express hopes to make further acquisitions in the future as it aims to become a 'global mega forwarder' as outlined in its 2023 business plan.
In terms of customer base, Nippon Express has a focus on electric and telecommunication, automotive, pharma, apparel and semiconductors.
Cargo-partner's strengths lie in high tech and electronics, automotive and industrial spare parts, pharma and healthcare, fashion and lifestyle, foodstuffs, perishables and retail.
'Going forward, the NX Group and cargo-partner will maximise the synergies they generate as a unified entity to help create value for the NX Group's customers and stakeholders,' Nippon Express said.
SeaNews Turkey