Kuehne+Nagel eyes M&A path to increase Asia footprint
World's second largest logistics group expects global transport markets to stay strong until at least Lunar New Year
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WITH the ink barely dry from its 1.1 billion Swiss franc (S$1.63 billion) acquisition of China-based Apex International Corp, Kuehne+Nagel (K+N) is prepared to use its dry powder on more mergers and acquisitions (M&As) to increase its footprint in fast-growing Asia.
Swiss-based Joerg Wolle, chairman of K+N's board of directors, tells The Business Times that K+N had anticipated Asia's potential, and has built "a great position" in sea, air and road freight as well as in contract logistics over the past years. Now the world's second largest logistics group wants to entrench its position in the region and is on a lookout for growth opportunities.
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