APL LOGISTICS BUYS MARE LOGISTIK AS FIRST EUROPEAN ACQUISITION

APL LOGISTICS BUYS MARE LOGISTIK AS FIRST EUROPEAN ACQUISITION

   APL Logistics, the logistics arm of the Neptune Orient Lines shipping group, has acquired Mare Logistik GmbH, a German freight forwarding and distribution company

   The acquisition is APL Logistics’ first in Europe and follows the recent purchase of GATX Logistics in North America.

   The terms of the Mare Logistik acquisition were not disclosed. APL Logistics has taken an initial 51 percent of the German company, with the balance due to be transferred through an “earn-out process” over the next five years, APL said.

   APL said that the agreement with Mare “delivers an initial retail logistics platform in the German market.”

   With annual revenues of DM140 million ($67 million) in 2000 and 30 employees, Mare provides import customs brokerage, warehousing, deconsolidation, distribution and freight forwarding services to international customers both in Germany and overseas.

   Mare Logistik also offers other services through affiliated companies Eurogate Distribution GmbH and Jeschke Spedition GmbH. Eurogate Distribution is a warehousing and deconsolidation operator. Jeschke Spedition is a parcel consolidator and forwarder that is part of the Cargo Line distribution network, an association of 44 companies.

   APL said that Mare Logistik is especially strong in the retail, consumer electronics and consumer product sectors ' areas which reflect some of APL Logistics' strengths in its Asian and American markets. The German firm will gradually change its trading name to APL Logistics.

   Mare Logistik was founded by Peter Maybohm, a former board member of P&O European.