Logistics group announces new acquisition
Following on the announcement during March that it had acquired the Swift Group in Dubai and was in the process of finalising a further acquisition, Barloworld Logistics has announced the acquisition of Hong Kong-based logistics company Flynt International for US$13 million. The purchase price is subject to final adjustment based on profit and other warranties to be achieved.
Flynt International is a privately held company and has been operating since 1980. It currently employs more than 130 staff with the majority based in Hong Kong. Other regional offices are located in Beijing, Shanghai and Guangzhou.
Commenting on the acquisition, Warren Erfmann, Barloworld Logistics CEO for Middle East and Asia, says, "In airfreight, Flynt is one of the top privately held freight forwarders in Hong Kong, which is very impressive in such a large market. By combining their activities with Swift's in the region we will significantly enhance our ability to provide supply chain solutions to customers in the Middle East, Europe and Africa.
Paul Stuiver, Barloworld Logistics CEO, says, "The acquisition forms another link in providing multimodal solutions in the global logistics arena.”
Barloworld Logistics is the supply chain management subsidiary of industrial multinational Barloworld. Since its formation six years ago the company has grown into a leading South African supply chain management company and a significant provider of logistics services between South East Asia, the Middle East, Europe and Africa. The company also operates in Spain, the UK and the USA.
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