Leading international automotive logistics provider in China partnership
Kuehne + Nagel announces a partnership with Sincero, a Chinese automotive logistics group with a nation-wide operation coverage, to invest in a joint venture focusing on contract logistics for the automotive sector. Kuehne + Nagel will hold majority share of the joint venture.
In recent years, Kuehne + Nagel has been developing a strong automotive footprint in the country by organically expanding the partnership with premium European brands. The company will now enlarge this footprint by almost seventy per cent serving major Chinese brands and Tier 1 suppliers.
“Contract logistics for the automotive industry is a strategic focus area for Kuehne + Nagel globally and especially in China, the biggest automotive market,” said Gianfranco Sgro, member of the managing board of Kuehne + Nagel International AG, responsible for contract logistics. “The joint venture confirms Kuehne + Nagel’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.”
“Establishing the joint venture with Kuehne + Nagel is a strategic move to comply with the irreversible globalization trend of economics and competitive landscape of the automobile logistics industry, thereby to complement each other’s strength in global network and local expertise,” said Jiang Jun, Sincero’s chairman of the board.
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.
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