Kuehne + Nagel has successfully completed the acquisition of the perishables business of Ecuadorean company Panatlantic Logistics S.A – further growing its perishables logistics network.
The freight forwarder says the South American company is one of the market leaders in the country in air freight transportation of perishable products and it will enable Kuehne + Nagel to strengthen its position in the export market to the United States, Europe and the Asia-Pacific region.
No details of the financial side of the deal were announced.
Kuehne + Nagel International member of the managing board responsible for air freight, Yngve Ruud said: “Perishables Logistics is a strong growth driver for Kuehne + Nagel. After the integration of two market leaders in 2017 the acquisition of the perishables business of Panatlantic Logistics S.A. marks another important step in our global strategy.
“Our KN FreshChain offers scalable solutions and highest standards for transportation of temperature sensitive perishable products. With Panatlantics Logistics on board we further strengthen and expand our fresh chain network – the largest in the logistics industry for perishables – connecting key production countries to major markets,”
Panatlantic Logistics S.A. was founded in 1979 and is headquartered in Ecuador’s capital city, Quito. Operations are carried out in a temperature controlled warehouse at Quito Airport.
The combined volume of Kuehne + Nagel´s current business portfolio and Panatlantic´s will account for 32,000 tonnes air export perishables per annum out of Ecuador.
Together with the perishables business managed in Colombia, Peru, Brazil and Chile, Kuehne + Nagel controls over 120,000 tonnes per annum of air export perishables in the South and Central America region.
Panatlantic Logistics S.A chief executive officer and shareholder, Raúl Aragundi said: “We are very proud to become part of the Kuehne + Nagel Group. By joining forces we will co-create an enormous potential of opportunities for our customers. Our strong and reliable market position in Ecuador will add and generate new and multiple chances for growing perspectives and services.”
Kuehne + Nagel president South and Central American region, Ingo Goldhammer added: “By acquiring this specialised player, Kuehne + Nagel consolidates its leading position in one of South America’s key perishables export markets, and, at the same time, considerably strengthens its position in the regional airfreight markets.
“Beyond combined volumes and generation of synergies with our existing operations, we will enhance the service and value add offering to our customers, using the experience of both companies.”