Transport and logistics company, Kuehne+Nagel, is expanding its customs brokerage services in North America following its latest acquisition announcement.
Kuehne+Nagel is acquiring Farrow, an operation with 830 employees, 41 locations across Canada and the US and headquartered in Windsor, Ontario.
The acquisition is reported to complement cross-border capabilities at the US borders with Canada and Mexico.
“With Farrow, we acquire a leading, diversified customs brokerage and logistics company that brings with it a proven track record of success, a growth-oriented mindset and significant business scalability,” said Hansjörg Rodi, Member of the Management Board, responsible for Road Logistics, Kuehne+Nagel International AG. “The acquisition of Farrow greatly accelerates Kuehne + Nagel’s growth ambitions in the customs market and is a compelling, strategic fit, expanding our offering of value-added solutions.”
Farrow Chairman, Rick Farrow, said: “We are excited to take our successful long-time, family-owned business to the next level and welcome the opportunity to be part of one of the world’s leading logistic companies. This allows us to combine our extensive expertise in customs brokerage with the capabilities and global reach of Kuehne+Nagel, allowing us to provide extraordinary supply chain solutions for our customers, as well as, creating new opportunities for career growth for our colleagues.”
Completion of the transaction is expected during the first quarter of 2024. The acquisition is subject to approval from regulatory authorities and customary closing conditions. Upon close, Farrow will become a fully owned subsidiary of Kuehne+Nagel.
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