The international freight forwarder is expanding its global perishables network with the acquisition of Newport Cargo, which handles 24,000 tons of airfreight exports per year.
Panalpina is strengthening its position in the transport of perishables through the acquisition of Newport Cargo S.A.
The companies reached a respective deal Wednesday and agreed to not disclose any financial details.
Newport Cargo is headquartered in Buenos Aires, Argentina, with offices at the Ezeiza International Airport. The company handles 24,000 tons of airfreight exports per year.
“Newport Cargo exports fish and berries to the U.S., where the company has a strong customer base and an office in Miami, while Panalpina traditionally imports high-tech and consumer goods into Argentina,” Panalpina said. “The cargo flows from South America northbound can be connected with or integrated in the unique Panalpina Charter Network with its gateway in Huntsville, Alabama.”
The 42 staff at Newport Cargo, which serves 150 customers, and the 60 employees of Panalpina Argentina will be joined under one roof in Buenos Aires.
Panalpina has been striving to become a global leader in the transport of perishables. The thriving freight forwarder, which saw consolidated profits for the first quarter of 2018 surge 34.5 percent year-over-year to 16.6 million Swiss francs (U.S. $16.7 million), has announced several acquisitions in the perishables arena since formally announcing in April 2017 its goal to become a market leader in perishables transport.
The company’s perishables activities originated in Latin America and were then extended to Europe and Africa. Its perishables network now spans 25 key countries.
Panalpina buying Argentinian perishables specialist
