Swiss-based freight forwarder Panalpina announced Wednesday it has agreed to acquire Colombian company CargoMaster S.A. and its subsidiary Laseair S.A., which is located in Ecuador.
The financial terms were not disclosed for the agreement, which was reached Tuesday, Panalpina said.
CargoMaster, founded in 1987, specializes in the air freight export of perishables, including flowers and fruit, and moves 9 million boxes a year, according to its website. CargoMaster and Laseair export to the U.S., Europe and Asia.
“We are adding significant volumes and know-how to our already impressive perishables footprint in Latin America, which will allow us to further deepen our well-established relationships with the airlines and producers in the region,” said Panalpina CEO Stefan Karlen in a statement. “As we continue to expand the perishables business in this part of the world, we also see great development opportunities for our Charter Network with its gateway in Huntsville, Alabama.”
Asia-Europe trade presents huge challenges for carriers
Headwinds include Brexit, a U.S.-China trade deal and the International Maritime Organization's 2020 sulfur cap.
2 months ago