Kuehne+Nagel buys Asian freight forwarder giant Apex
Acquisition is 3PL provider's largest one yet
Kuehne+Nagel, a third-party logistics (3PL) provider who is currently helping to distribute and store Moderna’s Covid-19 mRNA vaccine, has entered into a binding agreement to acquire Apex International Corporation, one of Asia’s leading freight forwarders, especially in the transpacific and intra-Asia.
The acquisition is the largest in Kuehne+Nagel’s history. The companies did not disclose specifics of the deal, but Apex will continue to operate separately within the Kuehne+Nagel Group.
With approximately 1,600 employees, Apex generates yearly turnover in excess of $2.3 billion (CHF 2.1 billion). In 2020, the company handled total air freight volume of approximately 750,000 tons and sea freight volume of 190,000 TEU (twenty-foot equivalent unit).
