Nippon Express in Talks to Buy Logistics Firm Cargo-Partner
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Nippon Express Holdings Inc. is in talks to buy Austrian logistics provider Cargo-Partner GmbH, people with knowledge of the matter said.
The parties are negotiating terms of a potential deal and may reach an agreement as soon as the coming weeks, the people said, asking not to be identified as the information isn’t public. Vienna-based Cargo-Partner could fetch more than $1 billion, according to the people.
Cargo-Partner is working with advisers on a potential sale, Bloomberg News reported last year. No final decisions have been made, and talks could fall apart or another buyer could emerge, the people said.
A representative for Cargo-Partner declined to comment, while calls to Nippon Express’ office weren’t answered outside regular business hours in Japan.
Cargo-Partner was founded in Vienna in 1983 and offers sea and air freight services, warehousing and supply chain management. It employs about 4,000 people and reported turnover of more than 2 billion euros ($2.2 billion) last year, according to its website. Cargo-Partner ranks No. 27 on the Transport Topics list of top airfreight forwarders.
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Established in 1937, Tokyo-based Nippon Express operates an integrated freight service spanning ocean, air, rail and other transportation modes. The company reported net income of 109.8 billion yen ($819 million) in 2022 and expects profit to drop this year due to factors including a slowdown in global economic growth. Nippon Express North America ranks No. 58 on the Transport Topics Top 100 list of the largest logistics companies in North America and No. 18 on TT’s list of the top ocean freight forwarders.
The Japanese firm is considering a spinoff of its heavy haulage and construction business, it said earlier this month.
— By Vinicy Chan, Dinesh Nair and Manuel Baigorri. With assistance from Supriya Singh.
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