04 June 2015/Categories: CILT, Industry News, Freight Forwarding, Logistics & Supply Chain
Kintetsu World Express has completed its agreement with with Neptune Orient Lines to purchase all its remaining shares for APL Logistics.
The agreement is worth an estimated £780 million and was initially agreed in February, with the transaction fully completed now.
Kintetsu intends to create a logisitics organisation that is able to compete on a par with major European and US competitors all over the world.
For the year ending March 31st, Kintetsu had a turnover of 327.2 billion yen (£1.72 billion) and an operating profit of 16.6 billion yen.
APL could make a significant contribution to expanding this figure, having recorded sales of £1 billion in 2013.
"By welcoming APL into the KWE Group, we can expect to complement the KWE Group's freight forwarding services in terms of both commodities handled and regions for expansion," Kintetsu stated.
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