BEIJING (dpa-AFX) - Swiss logistics firm Kuehne + Nagel (KHNGY) agreed to acquire Chinese freight company Apex International Corp. They did not disclose any further transaction details.
Kuehne + Nagel noted that the purchase price will be financed by available liquid sources and, if needed, by available credit lines. Following closing of the transaction, a minor stake of Apex shares is to remain with the experienced and entrepreneurial management of Apex.
Apex International was founded in China in 2001 and has expanded throughout Asia and beyond over the years of its growth history. The company generates yearly turnover in excess of 2.1 billion Swiss francs, with about 1,600 employees.
Copyright RTT News/dpa-AFX