Rhenus takes aim at Central Europe growth with latest acquisition

Source: Rhenus

Rhenus has continued its recent investment spree with the acquisition of Hungarian freight forwarder ITS Logistics Hungary KFT.

The Germany-headquartered firm said that the purchase would consolidate its foothold in Central-East Europe following the integration of Croatian logistics provider Trans Integral.

ITS Logistics Hungary KFT  is based in Vecsés on the outskirts of the capital Budapest and is mainly focused on airfreight forwarding services and customs clearance operations.

It has been established for 10 years and also provides warehousing services to customers across various industries.

Seafreight, road freight and rail freight are also part of the service portfolio.

Rhenus said the two companies had been long-time partners before the deal.

Rhenus air & ocean Central-East Europe chief executive Patrick Schäffer said: “This move will enable us to better serve our customers’ needs, particularly in relation to airfreight services, while also expanding our reach in the Hungarian market.”

ITS Logistics Hungary KFT managing director Peter Kuzma added: ” We are keen on further developing the business and setting the stage for our customers, business partners and employees alike to grow as well.”

Although the acquisition is signed, a mandatory Foreign Direct Investments screening is still pending.

This is common in Hungary for acquisitions of this size and can take up to two months.

Earlier this month, Rhenus Group expanded its presence in Latin America with the purchase of BLU Logistics and the acquisition of a majority stake in LBH Group.

Rhenus targets nearshoring with LATAM investments

 

Rhenus looks to expand in the US with GNL acquisition

 

Share this story

Related Topics

Latest acquisitions news

Korean picks Air Incheon as preferred Asiana cargo bidder

Air Incheon has been named as the preferred bidder for the sale of Asiana Airlines’ cargo business as part of…

Read More

Share this story

ANA postpones Nippon takeover for the 4th time

All Nippon Airways (ANA) has delayed its planned takeover of fellow Japanese carrier Nippon Cargo Airlines (NCA) for a fourth…

Read More

Share this story

Scan Global completes Foppiani takeover

Scan Global Logistics (SGL) has completed the acquisition of Italian freight forwarder Foppiani Shipping & Logistics following the approval of…

Read More

Share this story

Damian Brett

Damian Brett
I have been writing about the freight and logistics industry since 2007 when I joined International Freighting Weekly to cover the shipping sector.After a stint in PR, I have gone on to work for Containerisation International and Lloyds List - where I was editor of container shipping - before joining Air Cargo News in 2015.Contact me on [email protected]