FedEx Corp. is to acquire Colombian freight forwarder Cargex, a specialist in the export management of perishable goods.
The deal will also see FedEx buy Agencias de Aduanas Aduanamos S.A. Nivel 2, an affiliate of Cargex specialising in customs brokerage services.
FedEx said this addition strengthens the FedEx air freight forwarding and customs brokerage capabilities in Colombia and the broader Latin American region.
The acquisition is expected to close later this year and is subject to customary closing conditions, as well as a Colombian regulatory filing.
Headquartered in Bogotá, Colombia, Cargex has operations in Bogotá, Medellin, Cartagena, Buenaventura, and Santa Marta, and would operate as a subsidiary of FedEx Logistics upon closing.
“The addition of Cargex offers future growth opportunities in the Latin American region, a key market for us,” said Udo Lange, chief operating officer and incoming president and CEO, FedEx Logistics.
He said the acquisition perfectly complements the six time a week roundtrip Colombia-to-Miami flight recently announced by FedEx Express in July.
“We will connect customers throughout the Latin American market with even more possibilities by combining world-class FedEx transportation solutions with a comprehensive line of logistics service offerings,” Lange added.
“We look forward to welcoming our new team members into the FedEx family and will utilize their expertise to make this integration a success.”
Cargex general manager, Pablo Torres and commercial manager, Angela Torres said: “The Cargex team looks forward to joining FedEx and combining our experience with theirs to expand business opportunities in the Latin American region.
“With this acquisition, we will have access to an even larger global network, allowing us to help customers reach even more markets around the world.”