Kuehne+Nagel has entered into a binding agreement to acquire 100% of the shares in Salmosped AS. The Oslo-based company is a leading Norwegian perishables freight forwarder specializing in transportation of seafood products. It generated turnover of CHF 118 million in 2020 and handled approximately 63,000 tons of goods.
Norway ranks as one of the largest fishery and aquaculture producers in the world. Despite economic disruption and other woes caused by the coronavirus pandemic (SARS-CoV-2), Norway’s fish exports have remained strong, with attractive prospects for fisheries and marine aquaculture growth in light of the nation’s 21,000 kilometer long coastline.
Schindellgi, Swtizerland-headquartered Nagel, Kuehne+Nagel, founded in Bremen, Germany in 1890, specializes in providing sea freight and air freight forwarding, contract logistics, and overland transport services of goods, including frozen and refrigerated foods. With 72,500 employees at 1,400 locations in over 100 countries, it ranks as one of the world’s leading logistics companies.
Over the years, the company has developed a global perishables logistics network with more than 70 stations worldwide. The bolt-on acquisition of Salmosped will enhance its network in seafood as it complements existing operations in Halifax, Vancouver (both Canada), London (UK) and Santiago de Chile.
“Perishables logistics is a strong growth driver for Kuehne+Nagel. While we have been present in the seafood business in Norway for years, the Salmosped acquisition strengthens our footprint in air freight exports from this important seafood producing country,” said Dennis Verkooy, senior vice president global perishables and head of carrier management air logistics at Kuehne+Nagel Management.
The purchase of Salmonsped is subject to customary closing conditions, including clearance by the merger control authorities.
