CH Robinson Worldwide, the US-based logistics and forwarding group, is to take over Phoenix International in a deal worth some $635m.
Chicago-based Phoenix is a privately held freight forwarder with 76 offices in 15 countries serving some 15,000 customers.
John Wiehoff, CH Robinson chairman and chief executive officer, said: ““We see significant long-term opportunity in international forwarding as global trade expands, scale and technology continue to become more important, and shippers increasingly look to transport providers to provide global services.”
CH Robinson has its headquarters on the outskirts of Mineapolis in the US mid-west and has been expanding rapidly so that last year sales reached $10.3 billion.
In Europe, it now has a network of 13 offices providing intra-Europe transport services and 15 that provide ocean and air forwarding. Its European surface transport business accounts for some three per cent of its gross transport profits.
Phoenix sales last year were $807m and adjusted operating income $48m.