The Switzerland-based transport company, Kuehne + Nagel, has announced the acquisition of Worldwide Perishable Canada as the firm seeks to expand its perishables and cold chain network, according to Supply Chain Dive.
With a combined volume consisting of 17,000 tons of annual perishable air exports from Canada, Worldwide Perishable Canada specialises in seafood cargo and is recognised as being a market leader in tuna exports.
News of the acquisition came following the second quarter earnings call, with the value and terms of the purchase not made known.
With the M&A logistics landscape decreasing over the past few years, it is understood that big companies continued to purchase firms in a bid to accelerate the business and provide specialised services for customers.
According to executives on the second quarter earnings call, it is believed that cold chain, in particular perishables, is a key growth driver for Kuehne & Nagel. “Approximately one-third of our entire volume is perishable,” CEO Detlef Trefzger commented, while adding that the vertical is “agnostic at the moment to any cycle or consumption-factor pattern,” in comparison to markets such as automotive and industrial.