Forwarder Kuehne+Nagel announced it has acquired a majority share of IMC Logistics, a U.S.-based provider of marine drayage services.
Switzerland-based Kuehne+Nagel will acquire 51% of privately held IMC, which specializes in end-to-end transportation solutions to or from seaports or rail hubs, customer facilities and inland in the U.S.
K+N will retain the IMC brand. Financial details were not disclosed.
Headquartered in Collierville, Tennessee, IMC is a longtime partner of K+N with 1,700 employees. It handles 2 million twenty-foot equivalent units annually and had revenue of around $800 million in 2023. K+N had revenue of $26.78 billion and net income of $1.64 billion in 2023.
“The Kuehne+Nagel strategy is based on organic growth supported by targeted bolt-on acquisitions,” said Joerg Wolle, chairman of Kuehne+Nagel International AG, in a release. “Asia and North America are the key growth markets for our business, where we have established a leading position which we systematically expand. Acquiring a majority stake in IMC represents another important strategic step. We are further expanding our leading position in North America for the benefit of our customers and closer cooperation with our partners, particularly the carriers.”
The transaction is expected to be completed at the beginning of the first quarter of 2025, subject to regulatory approvals.
“We embrace the opportunity to partner with Kuehne+Nagel, one of the world’s leading logistics companies, to elevate our family-founded business to new heights and to grow together,” said Mark H. George, chairman and founder of IMC Logistics, in the release. “Combining our landside container logistics expertise and offering with Kuehne+Nagel’s global reach will deliver exceptional services for our customers and create new career growth opportunities for our colleagues.”
Find more articles by Stuart Chirls here.
Related coverage:
ILA breaks off East Coast port contract talks