Kerry Logistics expands with new acquisition
Asian logistics provider Kerry Logistics Network Ltd. is preparing to expand its global network with the acquisition of a US freight forwarder.
The Hong Kong-based company, which specializes international freight forwarding and supply chain services in China and Southeast Asia, recently said that it will acquire a 51% stake of an unnamed American company, and would announce the acquisition in less than two months, according to a report by the Jefferies Group investment firm.
Kerry has also identified acquisition targets in Singapore, the Philippines and Indonesia, the report said.
The expansion of Kerry’s global network will better position the company to serve clients as it expands its international e-commerce capabilities for retailers. This comes as the rapid growth of online sales has third- party logistics companies scrambling to fill new logistics needs for retailers, and Kerry has been focused on building its cross-border services in Asia.