Swiss logistics heavyweight, Kuehne + Nagel, says it will acquire the book of business of the Export Services Division of HSBC Bank plc from December 1, 2006, for an undisclosed purchase price. Through this transaction K +N hopes to gain access to a "significant" export-orientated customer portfolio. Based in the UK city of Coventry, HSBC Export Services' 30-strong staff specialise in export documentation and credit management services as well as sea and road freight transportation.
The new business is intended to complement Kuehne + Nagel's existing export offerings for full container loads (FCL), less-than-container loads (LCL), and European road services. "HSBC Export Services is a perfect strategic fit for Kuehne + Nagel in the UK, and is consistent with our strategy of acquiring companies which bring value both to us and our customers," said Peter Ulber, chief executive of Kuehne + Nagel, North West Europe. These sentiments were echoed by Chris Taylor, the Centre manager of HSBC Export Services, who will head the new division. "There is certainly a very good match between Kuehne + Nagel's global logistics capabilities and the value-added products we specialise in, which offers an excellent opportunity to develop our business further."
The new business is intended to complement Kuehne + Nagel's existing export offerings for full container loads (FCL), less-than-container loads (LCL), and European road services. "HSBC Export Services is a perfect strategic fit for Kuehne + Nagel in the UK, and is consistent with our strategy of acquiring companies which bring value both to us and our customers," said Peter Ulber, chief executive of Kuehne + Nagel, North West Europe. These sentiments were echoed by Chris Taylor, the Centre manager of HSBC Export Services, who will head the new division. "There is certainly a very good match between Kuehne + Nagel's global logistics capabilities and the value-added products we specialise in, which offers an excellent opportunity to develop our business further."