Hong Kong-based 3PL Kerry Logistics Network has acquired 50 percent stake in Lanzhou Pacific Logistics Ltd., joining with China Railway Container Transport Co. Ltd. which oversees the management and operations of the entity.
Hong Kong-based third party logistics services provider Kerry Logistics Network has acquired 50 percent stake in Lanzhou Pacific Logistics Ltd. (LPL).
Financial terms of the purchase were not disclosed.
Kerry said, however, that it joins another large LPL shareholder in the venture, China Railway Container Transport Co. Ltd. which oversees the management and operations of the entity.
Established in 2002, LPL specializes in intermodal brokerage services in China and Central Asia, including Uzbekistan, Kazakhstan, and Russia. Its customers includes many large companies located in China, spanning the non-ferrous metals, chemicals, auto parts, agriculture, and building materials industries.
“This acquisition will enable us to draw on the vast opportunities created by the Belt and Road Initiative,” said William Ma, Kerry’s group managing director, in a statement. “Not only will it further strengthen our rail freight capability throughout China and Central Asia, but also allow us to consolidate our expertise in project logistics within our global network.”
Kerry Logistics buys 50% stake in Asian intermodal broker LPL
