K+N ready to tap $380 million war chest
Kuehne + Nagel (K+N) said it has built up an acquisition kitty of nearly CHK400million (US$380million) for possible acquisitions to expand its overland network in Southern Europe. It had been following a strategy of expansion through acquisitions for several years, the Swiss company added. Ã¢â‚¬Å“For quite a while we have been looking at possible acquisitions […]
September 1, 2010
Reports suggest it is looking to spend the money, which is roughly half of the cash reserve it had built up, over the next two-and-a-half-years. K+N saw accelerated growth in the second quarter of this year as turnover rose by almost 16 per cent, year-on-year, to CHK9.85 billion and net earnings by 8.9 per cent to CHK281 million in the first six months of 2010.
Growth in K+NÃ¢â‚¬™s air freight business was up by a record 31 per cent in the first half as volumes rose in all trade lanes, especially on routes to and from the Asia-Pacific region, while its contract logistics business saw turnover climb by 4.7 per cent year-on-year as warehouse use was optimised, especially in North America. Ocean freight was up 20 per cent in the same period.