K+N in Chinese automotive logistics joint venture

Kuehne+Nagel (K+N) is linking up with Sincero, a Chinese automotive logistics group,  to form a joint venture focused on contract logistics for the automotive sector.
Switzerland-headquartered K+N will hold a majority share in the new entity, which will increase its automotive logistics footprint in China for European brands by 70%.
Gianfranco Sgro, member of the Managing Board of K+N International, responsible for contract logistics: “Contract logistics for the automotive industry is a strategic focus area for K+N globally and especially in China, the biggest automotive market.
"The joint venture confirms K+N’s position as a leading international provider of automotive logistics in China. Following the recent launch of our digital platform for e-fulfilment centres in China this investment further strengthens our presence in Asia.“
K+N has been developing a strong automotive footprint in China by organically expanding the partnership with premium European brands. The company will now enlarge this footprint by almost 70% serving major Chinese brands and tier one suppliers.
Jiang Jun, Sincero’s chairman of the board, said: “Establishing the joint venture with K+N is a strategic move to comply with the irreversible globalisation trend of economics and competitive landscape of the automobile logistics industry, thereby to complement each other’s strength in global network and local expertise.”
Both parties agreed not to disclose the purchase price. The joint venture is subject to customary closing conditions and to clearance by the competent merger control authorities.

Read more Automotive Logistics news

Sign up to receive Air Cargo News direct to your inbox for free

Share this story

Related Topics

Latest asia news

Worsening containership market keeps the pressure on air cargo

The recent deterioration in the ocean shipping market could be pushing more cargo to airfreight following the impact of the…

Read More

Share this story

JD Airlines to lease four 737-800BCF from AerCap

AerCap has signed lease agreements for four 737-800 Boeing Converted Freighter (BCF) aircraft with JD Airlines, the cargo airline of…

Read More

Share this story

Yusen Logistics expands Hong Kong Airport feedership operation

Yusen Logistics (Shenzhen) has started handling import air cargo at its Dongguan Humen Bonded Logistics Park (BLP) site using feeder…

Read More

Share this story

Air Cargo News

Air Cargo News
Established in 1983, Air Cargo News is the leading source of news, information, interviews, analyses and reports to the global airfreight industry. Our leading portfolio includes print, digital and events that give businesses in the airfreight industry the ability to connect with decision-makers in this sector.