Kintetsu World Express has completed the acquisition of all the shares of APL Logistics from Neptune Orient Lines.
The £780m (US$1.2bn) deal was agreed in February. Kintetsu said it wanted to create organisation that can compete on a par with European and US competitors in the global market.
“APLL is a logistics company with strengths in logistics services and various high-value-added services for companies in the automobile industry and retail industry, among others, and it is expanding its business globally, with a focus on North America and Asia.
“By welcoming APLL into the KWE Group, we can expect to complement the KWE Group’s freight forwarding services in terms of both commodities handled and regions for expansion, and we will be able to combine the logistics services and various high-value-added services that are the strengths of APLL with the air and sea freight forwarding services that the KWE Group is expanding globally, and these synergies will, in turn, make it possible to create new value and provide a broad range of optimised logistics services to customers.”
APL had sales of £1bn (US$1.6bn) in 2013.
For the year ended 31st March 2015, Kintetsu had a turnover of Y327.2bn (£1.72bn) and an operating profit of Y16.6bn (£86.8m).
It is forecasting a seven per cent increase in turnover for the coming year (ending 31st March 2015) to Y350bn (£1.84bn). It expects operating profit to be up 8.7 per cent to Y18bn (94m). These figures do not include any contribution from APL.