Norbert buys Schneider's freight forwarding business
Wednesday, 01 September 2010
French logistics firm Norbert Dentressangle (ND) is to mark a 64% year-on-year profit rise in the first half of 2010 with the acquisition of the freight forwarding activities of US-based Schneider Logistics, writes Kizzi Nkwocha.
The stock purchase agreement includes air, ocean-forwarding and customs brokerage services in seven US cities (San Diego, Los Angeles, San Francisco, Miami, Atlanta, New York and Chicago) and two locations in China (Tianjin and Shanghai) with US$29m of estimated annual sales and 56 employees.
ND said the acquisition would give it access to the Americas and Asia, thereby significantly accelerating the growth of its freight forwarding business. The acquisition should be completed by the end of October, 2010.
Schneider Logistics has confirmed there will be no job losses incurred through the sale, with all Schneider freight forwarding and customs house brokerage associates in the US and China becoming employees of ND.
ND CEO François Bertreau said: “The acquisition of Schneider Logistics freight forwarding activities, now under way, strengthens the development of our new freight forwarding business and gives us immediate access to the key continents of North America and Asia.
"According to a sound balance sheet and competitive operating resources, we are poised to take advantage of any market uptrend.”
He added: “All of Norbert Dentressangle’s activities grew in H1 2010, with transport revenue recovering as early as Q1 and logistics revenue returning to the Q2 2009 level in the second quarter of 2010. Furthermore, our profitability improved significantly as a result of major efforts undertaken in 2009 to adapt our resources.”
The group has also reported a 64% year-on-year rise in earnings before interest, tax and amortisation (EBITA), and before goodwill, to €45.3 million (US$58m) in the first half of 2010.
Sales were up 3.9% to €1.4 billion and consolidated operating margin was 3.2%, up from 2.1% in the first half of 2009.
