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Panalpina to buy majority stake in Kenyan freight forwarder specialising in flowers
GLOBAL freight forwarding and logistics company Panalpina is to buy a majority stake in Airflo, a company based in Kenya and the Netherlands specialised in the export handling of flowers and vegetables for an undisclosed sum.
The company is part of Dutch Flower Group (DFG), the world's largest flower and plant trader. and the acquisition reflects Panalpina's continued expansion in Africa and its increasing focus on the perishables business.
Panalpina World Transport Ltd. will acquire a majority stake in Airflo from DFG, subject to conditions. The two companies reached a respective agreement on November 4.
Both parties agreed not to disclose any financial details of the deal. The acquisition is subject to approvals by the Kenyan and Dutch authorities.
Airflo is Kenya's second largest air freight forwarder, specialising in the world-wide export of fresh cut flowers, plant cuttings and vegetables, with a focus to the Netherlands and the UK.
The company employs a total of 167 staff in Nairobi and Aalsmeer and it organises up to 1,500 temperature-controlled shipments per week from Kenya, totalling more than 40,000 tonnes of fresh cut flowers, especially roses, each year.
"The acquisition of Airflo further expands our presence in Africa and makes us an important player in the Kenyan flower market," says Peter Ulber, Panalpina's CEO.
Kenya, where Panalpina set up its own operations at the beginning of the year, is one of the world's key export markets for food and floral products. Fresh cut flowers accounted for more than 60 per cent of Kenya's total airfreight exports in 2014.
The company is part of Dutch Flower Group (DFG), the world's largest flower and plant trader. and the acquisition reflects Panalpina's continued expansion in Africa and its increasing focus on the perishables business.
Panalpina World Transport Ltd. will acquire a majority stake in Airflo from DFG, subject to conditions. The two companies reached a respective agreement on November 4.
Both parties agreed not to disclose any financial details of the deal. The acquisition is subject to approvals by the Kenyan and Dutch authorities.
Airflo is Kenya's second largest air freight forwarder, specialising in the world-wide export of fresh cut flowers, plant cuttings and vegetables, with a focus to the Netherlands and the UK.
The company employs a total of 167 staff in Nairobi and Aalsmeer and it organises up to 1,500 temperature-controlled shipments per week from Kenya, totalling more than 40,000 tonnes of fresh cut flowers, especially roses, each year.
"The acquisition of Airflo further expands our presence in Africa and makes us an important player in the Kenyan flower market," says Peter Ulber, Panalpina's CEO.
Kenya, where Panalpina set up its own operations at the beginning of the year, is one of the world's key export markets for food and floral products. Fresh cut flowers accounted for more than 60 per cent of Kenya's total airfreight exports in 2014.
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