Danish freight and logistics corporation, Damco, has signed an agreement to acquire Australian-based freight company, PacNet.
By combining forces with PacNet, Damco will enhance its platform in North Asia and the Asia Pacific region, including Australia’s retail and lifestyle sectors.
“I am happy to be joining forces with PacNet, which is another good step forward to further build our global business. PacNet has a high reputation for service in Australia, in the apparel, footwear and retail sectors,” Damco CEO, Rolf Habben-Jansen, said.
“We are combining two businesses with very aligned strategies, complementary skills, customer bases and geographic strengths, and we have already seen that our cultures match very well, which is an excellent basis to further improve our ability to serve our joint existing and future customers even better,” he says.
According to PacNet, joining Damco will help supplement its existing customers to expand their sourcing from China to the rest of the world. “We have seen a growing demand for a broader outreach in recent years and we feel that by joining Damco we can provide our customers with a strong global presence,” Paul Milborrow, CEO of PacNet, said.
“We will now create a leading freight forwarding business in our region with a market leading position in key industries, enabling us to better cater to the demands our customers are raising.”
Damco is the logistics arm of the A.P. Moller-Maersk Group, with 10,800 employees worldwide and a turnover of US$ 2.8 billion (A$ 2.7 billion) in 2011. PacNet, headquartered in Melbourne, has 382 employees and a turnover of US$ 180 million (A$ 174 million) in the Financial Year 2011.