Kuehne + Nagel International AG (SWX: KNIN) has acquired Worldwide Perishables Canada, a Canadian freight-forwarding company with a large seafood export business.
The deal, announced on July 24, grows the perishables business of the world's second-largest freight forwarder and strengthens its market-leader position in Canada.
"Using the network and experience of both companies, our customers can benefit from an enhanced offering and the best possible solution to their needs," Jamie Wood, Kuehne + Nagel (K + N) Canada national manager said in a statement.
With the addition of Worldwide Perishables, K + N expects to handle 17,000 tons of air exports per year from Canada.
Based at Halifax Stanfield International Airport in Nova Scotia, Worldwide Perishables Canada has two gates that it said can handle a Boeing 747 and a 757 freighter at the same time.
Exports of seafood from Halifax International totalled more than C$232 million (a Canadian dollar equals US$0.75), the airport authority reported in its 2018 report. K + N noted that Worldwide Perishables is one of Canada's leading exporters of tuna.
The company also handles lobster, whose exports to China have surged because of the trade war with the U.S.
K + N reported lower profits in its second quarter results on July 23 on slowing auto volumes. But the company noted that its perishables business has been growing.
"Perishables logistics is one of our strongest growth drivers at Kuehne + Nagel," said Greg Martin, regional airfreight manager for Kuehne + Nagel North America.
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