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EXPD: QUOTE OF THE WEEKVW: MASSIVE JOB CUTSFDXF: FIRST TRADING UPDATE EXPD: MORE BULLISH THAN BEARISHFWRD: HUNTING FOR VALUEFDX: CAPITAL STRUCTURE ADJUSTMENTPLD: DOWN SHE GOESPLD: REIT DEAL-MAKINGFDX: HOLDING UPVW: BIG DIVESTMENTAMZN: AI INVESTMENTMAERSK: ANOTHER UPGRADE GXO: CONTRACT RENEWALFDX: SELL-SIDE REACTION TO INTERIMS
EXPD: QUOTE OF THE WEEKVW: MASSIVE JOB CUTSFDXF: FIRST TRADING UPDATE EXPD: MORE BULLISH THAN BEARISHFWRD: HUNTING FOR VALUEFDX: CAPITAL STRUCTURE ADJUSTMENTPLD: DOWN SHE GOESPLD: REIT DEAL-MAKINGFDX: HOLDING UPVW: BIG DIVESTMENTAMZN: AI INVESTMENTMAERSK: ANOTHER UPGRADE GXO: CONTRACT RENEWALFDX: SELL-SIDE REACTION TO INTERIMS
Fast-growing US 3PL AIT Worldwide is set to further expand in Europe with the purchase of UK pharma-focused freight forwarder Mach II Shipping, for an undisclosed amount.
The purchase of Mach II – more commonly known as Mach 2 – will include its facilities in the UK and the Netherlands, as well as its global Pharmafreight partner network.
“In addition to temperature-controlled air freight, Mach 2 provides outstanding dedicated road service for high-value life sciences moves throughout Europe with a managed fleet of temperature-controlled vehicles operated by independent contractors,” said AIT EVP of Life Sciences Chris Amberg.
“Its value-added services include in-house customs clearance and a temperature-controlled warehouse in Ashford, Middlesex,” he added.
The Ashford operation was augmented in 2019 with the opening of a similar facility in Nieuw-Vennep, near Amsterdam Airport Schiphol, in advance of the UK’s withdrawal from the EU, which allows temperature-controlled pharma and life sciences shipments such as clinical trials to avoid Brexit-related customs or regulatory challenges.
The Netherlands facility features an ultra-low temperature (ULT) freezer farm, safely and securely storing oncology products at below -60°C.
The Pharmafreight partner network was formed in 2000 and has grown over the past two decades under the leadership of Mach 2 commercial director Andy Hughes.
AIT said: “As a result of careful recruitment and vetting, Pharmafreight is a first-rate collective of audited, approved independent freight forwarders operating under Good Distribution Practices in 30 countries across Africa, Asia, Europe, North and South America.”
“Our teammates across Mach 2 and Pharmafreight are eagerly continuing to provide stable, high-quality service for our customers as we prepare to integrate fully with AIT in 2024,” Mr Hughes said. “This acquisition is providing a phenomenal opportunity to enhance our solutions for customers as we tap into AIT’s vast worldwide network.”
“I’m delighted to welcome Mach 2 and Pharmafreight teammates to the company,” said AIT’s president and chief operating officer Keith Tholan. “Their well-tenured expertise provides an instant boost to our world-class life sciences division, and we look forward to elevating cold chain service for our customers, especially in Europe.”
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