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- The Swiss logistics group Kühne und Nagel is expanding its business in Asia with the takeover of Apex International.
- Apex is one of the leading air freight providers in Asia, especially in the trans-Pacific and inner-Asian regions, said Kühne.
- According to Kuehne and Nagel, this is the largest acquisition in the company’s history.
The logistics company Kühne und Nagel is making a major expansion step in Asia. With the takeover of the Chinese Apex International Corporation, annual sales of more than 2.1 billion Swiss francs will be added. Apex, which was founded in China in 2001, employs around 1,600 people, as Kühne and Nagel announced.
An important milestone with a focus on Asia
According to a person familiar with the deal, the deal values Apex at $ 1.5 billion to $ 2 billion. It should be completed in April. Kuehne and Nagel declined to comment.
Kühne wants to finance the Apex purchase with cash and existing credit lines. The company should continue to operate independently in the Kühne and Nagel Group. Last year, Apex handled around 750,000 tonnes of air freight and 190,000 standard containers for sea freight.
In 2019, Kühne achieved a profit of 800 million francs on net sales of 21.1 billion francs.
SRF4 News, 22.02.21, 9.30am; Agencies / thel; spea
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