Kerry Logistics Network Ltd. has acquired a majority stake in logistics provider Saga Italia S.p.A.
Financial terms of the deal were not disclosed.
Milan, Italy-based Saga Italia specializes in project logistics and material management. It provides international freight-forwarding services covering air, ocean and overland transportation.
Kerry Logistics said the acquisition will add three new countries to its network — the Republic of Congo, Uganda and Egypt — and new offices in Kazakhstan, Turkmenistan, United Arab Emirates, Russia and the United States.
“With this step, we continue to build upon our expertise in project logistics, which currently spreads across China, the Philippines, Indonesia, The Commonwealth of Independent States and India,” Thomas Blank, managing director of Europe for Kerry Logistics, said.
Kerry Logistics, which delivered strong earnings growth in 2017, said this latest acquisition is part of its ongoing global expansion strategy.
Just last week, Kerry Logistics announced the acquisition of Shipping and Airfreight Services (Pty) Limited (S.A.S.), a freight-forwarding and logistics company based in Johannesburg, South Africa.