Kuehne + Nagel (KN) has formally completed the 440 million euro acquisition of French-based ACRLogistics two weeks after gaining European Commission approval. The deal makes the Swiss-based
freight company into one of the world’s largest logistics groups.With over 40,000 employees in more than 100 countries, the Kuehne + Nagel Group now ranks amongthe top five global service providers in contract logistics. “This acquisition marks a quantum leapfor our organisation”, said Klaus-Michael Kuehne, Executive Chairman of the Board of Directors ofKuehne + Nagel International AG. “ACR Logistics represents an excellent strategic fit for Kuehne +Nagel and strengthens our contract logistics capabilities, know-how and management competencesignificantly.”
ACR Logistics will from now on operate under the Kuehne + Nagel brand and will be fullyintegrated into the organisational structure of the Group. As a result of the enlarged customerbase, Kuehne + Nagel expects increased cross-selling opportunities particularly in Eastern Europeand Asia as well as a further enhancement of profitability.
“We share with Kuehne + Nagel a philosophy of creating the highest possible value for customersand developing logistics solutions that offer a competitive edge. I am convinced that jointly weare better than ever positioned to become the preferred logistics provider for customers”, saidXavier Urbain, former CEO of ACR Logistics. With effect from January 1, 2006, Urbain has beenappointed member of the Kuehne + Nagel Group Management and heads the newly-created region ofSouthwest Europe.
Kuehne + Nagel acquired the entire share capital of ACR Logistics for a purchase price of 440million euros. The transaction was financed by a combination of existing cash and the sale of 1.7million treasury shares at CHF 295.50. Consolidation of the ACR Group became effective January 1,2006.
