Forwarder deugro sells its Russian business

Photo: Jaromir Chalabala/ Shutterstock

Project forwarder deugro has sold its Russian business following the outbreak of war in Ukraine.

The company said that the deal was completed on September 5 and the sale was a buyout by former local management.

“This concludes deugro’s intent of divesting its interests in Russia since the advent of the war and subsequently winding down its activities,” the company said.

“The final closing is performed, and the official registration of the transaction took place.”

The Frankfurt-headquartered company is not the only firm to have sold its Russian business following the outbreak of war.

Earlier this year, Kuehne+Nagel announced it would also sell its Russian business.

The company will be run under the name Noytech Supply Chain Solutions after being acquired as part of a management buyout.

Air Cargo News sister title DVZ reported that former K+N employee Perry Neumann has purchased the business, which has 24 branches in Russia, Belarus, Azerbaijan and Kazakhstan.

Many other forwarding companies have halted operations in the country.

K+N’s former Russian business to be renamed Noytech Supply Chain Solutions

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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]