Container shipping giant Maersk is set to acquire LF Logistics, a Hong Kong-based contract logistics company in a bid to expand beyond its core ocean freight business.
Maersk. Credit: Ed / Flickr
Credit: Ed / Flickr
"The acquisition of LF Logistics is an important and strategic milestone on Maersk's journey to become the global integrator of container logistics," said Soren Skou, CEO of Maersk.
"With this purchase, we add critical capabilities in Asia-Pacific to support our customers' long term growth in the region as well as capabilities and technology we can scale in our contract logistics business globally.
Maersk said that LF Logistics' "Asia-Pacific wide footprint and industry-leading fulfilment capabilities" matched its strategic intent to provide support for customers' supply chain needs.
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With the $3.6 billion (€3.18 billion) acquisition, Maersk will add 223 warehouses to its existing portfolio, bringing the total number of facilities to 549 globally, spread across a total of 9.5 million square metres.
"The acquisition will boost our warehousing and distribution offering and respond to the rapidly growing needs of our customers for contract logistics," said Vincent Clerc, CEO of Ocean & Logistics at Maersk.
"Guided by a customer-centric culture and well-executed operations, LF Logistics has built an unparalleled track record of executing a superior omnichannel strategy for customers, which is a unique position we can use to build and operate fulfilment to customers across our network."
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