U-Freight gains control of fellow Hong Kong forwarder Comax
Hong Kong-based U-Freight has bought a majority stake in Comax Group, a small Hong Kong-based logistics company with operations in China and the United States. Terms of the transaction were not disclosed.
Comax has annual revenues of about $11 million and offices in Shanghai, Shenzhen and Hong Kong. It also has facilities in Chicago, New York and Los Angeles.
U-Freight said Comax has “a particular strength in ocean freight forwarding activities,” an area that will complement its mainly air freight forwarding business.
The senior management and staff of Comax will remain with the company and the name will be retained for sales and marketing.