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Hong Kong's Kerry Logistics buys 51pc of San Francisco's APEX Maritime
HONG KONG's Kerry Logistics has purchased 51 per cent of San Francisco's full-service freight forwarder, APEX Maritime.
Although APEX's strength is in ocean freight, with 270,000 TEU handled in 2015, the deal also has broader implications for Kerry's air freight forwarding operations.
The acquisition represents an expansion into the US market through its increased North American footprint, reports New York's Air Cargo World.
In addition to ocean operations, Kerry's US$87.9 million acquisition of APEX enhances its end-to-end logistics solutions offerings across trans-Pacific lanes.
APEX's Starlink air freight division has five offices across the United States and is a key agent of Taiwan-based carriers, EVA Air and China Airlines.
Other APEX divisions handle customs brokerage and see consolidations through to last-mile delivery across the US APEX also operates three warehouses that offer more than 31,000 square metres of space.
"The acquisition of APEX is a major leap forward in our global expansion plan," said Kerry Logistics managing director William Ma.
The Asia-US trade plays an important role in Kerry's international freight forwarding growth, he said and APEX will form an important business arm that further strengthens its global network, enabling us to tap into new opportunities from trans-Pacific trades.
Said APEX president Vic Cheung: "We are ready to take full advantage of cross-selling opportunities from the integration. Our customers will gain global scale while maintaining their relationship with the same team that has served them for years."
Recently, Kerry Logistics has been fortifying its global network through acquisitions and joint venture agreements afar in Canada, Dubai, Indonesia and Myanmar.
Earlier this year, Kerry told investors it had identified additional acquisition targets in Singapore and the Philippines.
Although APEX's strength is in ocean freight, with 270,000 TEU handled in 2015, the deal also has broader implications for Kerry's air freight forwarding operations.
The acquisition represents an expansion into the US market through its increased North American footprint, reports New York's Air Cargo World.
In addition to ocean operations, Kerry's US$87.9 million acquisition of APEX enhances its end-to-end logistics solutions offerings across trans-Pacific lanes.
APEX's Starlink air freight division has five offices across the United States and is a key agent of Taiwan-based carriers, EVA Air and China Airlines.
Other APEX divisions handle customs brokerage and see consolidations through to last-mile delivery across the US APEX also operates three warehouses that offer more than 31,000 square metres of space.
"The acquisition of APEX is a major leap forward in our global expansion plan," said Kerry Logistics managing director William Ma.
The Asia-US trade plays an important role in Kerry's international freight forwarding growth, he said and APEX will form an important business arm that further strengthens its global network, enabling us to tap into new opportunities from trans-Pacific trades.
Said APEX president Vic Cheung: "We are ready to take full advantage of cross-selling opportunities from the integration. Our customers will gain global scale while maintaining their relationship with the same team that has served them for years."
Recently, Kerry Logistics has been fortifying its global network through acquisitions and joint venture agreements afar in Canada, Dubai, Indonesia and Myanmar.
Earlier this year, Kerry told investors it had identified additional acquisition targets in Singapore and the Philippines.
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