Taxonomy: Shipping

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.
We see a significant slowdown in import growth in 2019 as the market adjusts to higher prices due to the Trump tariffs and the impact on consumer and industry confidence going forward.
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