The Hong Kong-based third party logistics provider has continued its European expansion by signing and agreement to purchase a majority stake in Tuvia Italia S.p.A. from Italian holding company Tuvia Group.
Hong Kong-based third-party logistics provider Kerry Logistics Network Ltd. has signed an agreement for the acquisition of a majority stake in Tuvia Italia S.p.A. from Italian holding company Tuvia Group, the company said in a statement.
Tuvia Italia specializes in air, maritime, land, multimodal shipments and integrated logistics in Italy. The company is based in Milan, with offices in Verona, Venice, Trieste and Nerviano, and manages over 25,000 square meters of logistics facilities.
Financial terms of the deal were not disclosed, but Kerry Logistics has been striving to build its presence in Italy over the past few years, said Thomas Blank, Managing Director of Europe, Kerry Logistics.
“Kerry Logistics’ existing Italian client base will benefit from Tuvia’s expertise and full range of services,” Blank said. “We will further develop our offering in the region and enhance our freight forwarding capabilities in providing innovative solutions to meet the ever-changing business needs of our clients.”
Tuvia Italia has about 90 employees, and all of the employees will retain their position, a Kerry Logistics spokesperson told American Shipper.
The spokesperson said Kerry Logistics is continuously looking out for opportunities to increase its footprint in Europe to keep up with its growing client base and to offer clients the best possible service.
“The Kerry Logistics philosophy is to achieve growth organically through new customer wins and acquisitions, and this will continue throughout 2017 in the European region,” the spokesperson said. “On the one hand, we will strengthen our footprint in major European markets we are already operating in. On the other hand, we want to break into geographically new markets to further increase our network.”
The company has been growing its European footprint over the past six months, with acquisitions in Spain and Germany, and a new office in Warsaw, Poland.
Kerry Logistics recorded a core net profit of HK$1.1 billion for 2016 (U.S. $141 million) and a turnover of HK$24 billion, year-over-year increases of 4 percent and 14 percent, respectively.
Kerry Logistics acquires majority stake in Tuvia Italia
