Halifax Airport set for expansion as it gets its claws into booming seafood trade
Halifax Stanfield International Airport is gearing up for construction projects to accommodate the rising tide ...
Kuehne + Nagel (K+N) has acquired time-critical transport and logistics operator Quick International Courier (QIC), as it looks to expand its reach in the pharma and healthcare markets.
K+N chief executive Detlef Trefzger said the acquisition would help accelerate K+N’s growth in pharma, with board member for air freight Yngve Ruud describing it as a “milestone” purchase.
“With unique expertise in time-critical shipments in aviation and pharma – key strategic focus and investment areas – the company perfectly complements our existing global portfolio,” said Mr Ruud.
“Our customers will benefit from a greater scope of services for time-critical shipments, while QIC’s customers will get access to K+N’s global network across more than 100 countries.”
K+N noted QIC’s specialism in urgent, global shipments using a series of control towers around the world.
Its CEO, Dominique Bischoff-Brown, said he looked forward to becoming part of the K+N group as “new worldwide growth perspectives” would open up.
New York-headquartered QIC has more than 500 employees working across four subsidiary divisions, which collectively last year turned over more than $200m.
The Loadstar Premium analyst Ale Pasetti said: “Between 2010 and 2017 K+N will have closed well over 10-bolt on deals, perhaps 20, adding little shareholder value through the process. “It’s a drop in the ocean in terms of revenue add-on at group level.”
The deal will, however, strengthen K+N’s airfreight offering.
Closing conditions remain subject to regulatory compliance, with both parties agreeing not to disclose the purchase price.