DP World has completed the acquisition of Hong Kong-based Cargo Services Far East Ltd.
A market leader in origin services, which is moving goods from the factory floor to the customer’s door, Cargo Services employs more than 2,500 people in Greater China and across Asia, Europe, South Africa and the United States.
“Cargo Services’ logistics expertise and global network perfectly complement our own footprint, and will be yet another tool in our offering to customers,” said DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem. “By combining our strengths – technology, a growing logistics portfolio and strategic infrastructure – with Cargo Services’ expertise and network, we will be able to offer unparalleled value to customers seeking to strengthen existing trade ties or enter new markets.”
Founded in 1989, Cargo Services was one of the earliest foreign logistics service providers to enter the China market. It has established a portfolio of solutions including origin purchase order management, ocean freight, air freight and warehousing for a diverse range of sectors. This includes supply chain management services for retail and high-fashion customers in the US, UK, Europe, South Africa, Australia and New Zealand.
“By joining DP World, we will gain access to extensive resources and expertise, allowing us to continue delivering top-tier freight-forwarding and logistics services that our customers demand,” said Cargo Services Group Managing Director, John Lau. “With a shared vision and strategy, I am confident that our respective teams will come together seamlessly to deliver growth.”
DP World now has more than 115,000 employees, over 800 locations globally. By the end of the year, it will operate more than 200 freight forwarding offices, covering up to 95 per cent of global trade flows.
In other news, Scan Global Logistics continues to grow in Latin America.