USCO Logistics sale to Kuehne & Nagel finalized
USCO Logistics has announced the completion of its $300 million acquisition by Kuehne & Nagel International AG, one of the world’s largest providers of global logistics solutions.
The combination brings together two organizations with a combined 145 years of experience, more than 17,000 associates and some 600 locations in 90 countries.
USCO Logistics provides an integrated suite of logistics services including transportation and warehouse management. USCO is one of the largest warehouse-based logistics service providers in North America with more than 15 million square feet of shared and dedicated space throughout Canada, the United States, and Mexico. The company, which focuses on the pharmaceutical, retail and high-tech industries, has achieved compounded annual revenue growth of more than 30 percent during the last three years. USCO will operate as an integrated service unit within the Kuehne & Nagel Group.
The combination will allow USCO to offer its customers an integrated portfolio of global services, including access to Kuehne & Nagel’s global infrastructure for moving freight, by any mode of transport, throughout the world. Freight forwarding, customs brokerage and logistics customers of Kuehne & Nagel will benefit from USCO’s North American service offerings, a press release issued by USCO states.
Kuehne & Nagel, with its headquarters in Schindellegi, Switzerland, has dramatically expanded its global integrated contract logistics capabilities from its European base. Prior to the USCO acquisition, it entered into an alliance with SembCorp Logistics Ltd., Singapore, extending its logistics operations into the Asia-Pacific region. (SembCorp holds a 20 percent investment in the Kuehne & Nagel. At the same time, Kuehne & Nagel holds a 5 percent investment in SembCorp with the option to acquire an additional 15 percent.) The USCO acquisition will provide Kuehne & Nagel with access to the North American market.
International AG, said, "What’s unique about Kuehne & Nagel’s global network is its tangible infrastructure and proven experience in executing quality solutions on a global basis.
"There is an ideal fit between Kuehne & Nagel and USCO," he said Klaus-Michael Kuehne, Executive Chairman of Kuehne & Nagel. "Kuehne & Nagel’s heritage stems from freight forwarding; USCO’s from warehousing and distribution. Kuehne & Nagel’s strong logistics management presence in Europe and Asia matches well with USCO’s complementary position as a leading North American logistics services provider."
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