Two weeks after the European Commission's approval of the takeover, Kuehne + Nagel has completed the transaction. The acquisition unites two companies that optimally complement each other in many respects and build on long-standing experience. With over 40,000 employees in more than 100 countries, the Kuehne + Nagel Group now ranks among the top five global service providers in contract logistics.
'This acquisition marks a quantum leap for our organization,' said Klaus-Michael Kuehne, Executive Chairman of the Board of Directors of Kuehne+ Nagel International AG. 'ACR Logistics represents an excellent strategic fit for Kuehne + Nagel and strengthens our contract logistics capabilities, know-how and management competence significantly.'
ACR Logistics will from now on operate under the Kuehne + Nagel brand and will be fully integrated into the organisational structure of the Group.
As a result of the enlarged customer base, Kuehne + Nagel expects increased cross selling opportunities particularly in Eastern Europe and Asia as well as a further enhancement of profitability.
'We share with Kuehne + Nagel a philosophy of creating the highest possible value for customers and developing logistics solutions that offer a competitive edge. I am convinced that jointly we are better than ever positioned to become the preferred logistics provider for customers,' said Xavier Urbain, former CEO of ACR Logistics, who with effect from January 1, 2006 has been appointed member of the Kuehne + Nagel Group Management and heads the newly created Kuehne + Nagel region Southwest Europe.
Kuehne + Nagel has acquired the entire share capital of ACR Logistics for a purchase price of EUR 440 million. The transaction was financed by a combination of existing cash and the sale of 1.7 million treasury shares at CHF 295,50. Consolidation of the ACR Group became effective January 1, 2006.
