AIT Worldwide Logistics buys ConneXion World Cargo

Head of the Illinois-headquartered supply chain solutions provider says the deal fulfills a long-term goal of expanding in the U.K.

AIT Worldwide Logistics buys ConneXion World Cargo

Head of the Illinois-headquartered supply chain solutions provider says the deal fulfills a long-term goal of expanding in the U.K.

AIT Worldwide Logistics buys ConneXion World Cargo

Head of the Illinois-headquartered supply chain solutions provider says the deal fulfills a long-term goal of expanding in the U.K.

 
   AIT Worldwide Logistics announced the expansion of its global footprint with the acquisition of ConneXion World Cargo, a freight forwarder headquartered in London with five additional locations in Asia, Europe and Canada. The agreement was finalized Nov. 30.
   According to AIT President and CEO Vaughn Moore, the acquisition of ConneXion fulfills a long-term goal for the company to establish a greater presence in the United Kingdom.
   “AIT has many customers in the U.K. with consistently high cargo volume, and the company’s aspiration to expand there has intensified in recent years,” Moore said. “This acquisition also reinforces AIT customers’ supply chains in the U.K. with robust local expertise, particularly when it comes to licensing and customs connections.
   “Adding the ConneXion group to our global team will help mitigate any uncertainty our customers with business in the U.K. may have with respect to the forthcoming Brexit milestones,” he said.
   The newly acquired company’s six locations will be overseen by Greg Weigel, AIT’s executive vice president of global operations.

   Terms of the deal were not disclosed.

Ocean carriers want to keep transpacific prices as high as possible during BCO contract negotiations. This has been successful, with an increase in blank sailings enabling an April 1 GRI. While space is currently reasonably tight and the new rates are still holding, another GRI is unlikely to stick without more blank sailings.

The Port of Virginia handled 240,035 TEUs in March, which was its second-busiest March despite a 4.8 percent year-over-year decrease.

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AIT Worldwide Logistics buys ConneXion World Cargo

Head of the Illinois-headquartered supply chain solutions provider says the deal fulfills a long-term goal of expanding in the U.K.

on Dec 05, 2018AmericanShipper.com

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AIT Worldwide Logistics buys ConneXion World Cargo

Head of the Illinois-headquartered supply chain solutions provider says the deal fulfills a long-term goal of expanding in the U.K.

on Dec 05, 2018AmericanShipper.com