Panalpina acquires CargoMaster and its Ecuadorian subsidiary

Panalpina has extended its Perishables Network in South America through the acquisition of Colombian company CargoMaster and its Ecuadorian subsidiary, Laseair.

CargoMaster is one of Latin America’s largest companies specialising in the airfreight export of perishables, primarily sending flowers to the US but also to Europe and Asia.

It was founded in 1987 and employs 134 staff in Colombia in Bogota and Medellin, and through Laseair it employs another 32 in Ecuador, located in Quito.

Stefan Karlen, CEO of Panalpina says, “The acquisition will make us the undisputed perishables market leader in Colombia and Latin America, and strengthen our position in Ecuador. We are adding significant volumes and know-how to our already impressive perishables footprint in Latin America, which will allow us to further deepen our well-established relationships with the airlines and producers in the region.”

Felipe Sanchez, founder, CEO and majority shareholder of CargoMaster says, “In the last 32 years, we have catapulted ourselves to the top of the Colombian air freight market and built a very strong brand in the region and our industry. I am very proud of these achievements and the employees that made it all possible.”