Snapshot: Kuehne + Nagel sells CL business to TASA Logística in Argentina

Earlier this week, Swiss 3PL Kuehne + Nagel (K+N) announced to have optimised its logistics portfolio in Latin America, disposing of its contract logistics (CL) operations in Argentina.

Via a press release published in Spanish, it stressed the strategic relevance “of contract logistics is maintained in South America” and therefore no further divestitures are planned there.

“We will continue to invest in this business in the region,” Ingo Goldhammer, president South & Central America for K+N, unsurprisingly added in his prepared remarks.

The CL deal concerns the warehousing and distribution activities supported by 230 employees, but the value of the transaction was undisclosed.

The group said the sale “allows Kuehne + Nagel to reduce complexity” and improve the profitability of its business in Argentina as well as focus on core/scalable capabilities in air/sea cargo and other services.

Stock

As reported in the FT stats section Thursday:

“Kuehne und Nagel International AG (KNIN:VTX) set a new 52-week high during today’s trading session when it reached [Sfr]181.60. Over this period, the share price is up 23.40%.”

We are at all-time highs.

Unexpected move?

Now read our previous coverage here: “Among the Big Four, here’s how Kuehne will cut that workforce“.

Expect more details about K+N’s current restructuring/portfolio optimisation as early as next week, by the way.

“K+N made a structural decision,” a senior source told Premium this week when the following remarks from others were shared in our marketplace: “K+N have dismissed all senior level sales personnel in the USA and will rely on ‘KAMs’ to work the account. Hunting new business will be performed by lower paid personnel who will turn over solid leads to the remaining personnel in sales.”

Stay tuned. Enjoy the w’end. More soon.