“The acquisition will enable Norbert Dentressangle to strengthen its growing freight forwarding business, in line with its strategy,” Colombo-based John Keells said in a brief statement on Wednesday. The transaction is due to be finalised by end-August.
Conglomerate John Keells, which also has investments ranging from leisure, financial services and ports, did not disclose the sale price.
Norbert Dentressangle said the freight forward operation to be acquired, has 120 people on its payroll and reported revenues of nearly 10 million dollars in 2011. The company has a network of six-offices in India, covering the main coastal regions, plus another two in Sri Lanka.
“After the acquisition of APC Beijing International in China at the end of 2011, the acquisition of a reliable, recognised major Indian and Sri Lankan freight forwarding player means the Asian continent is now well served by the Group’s operations,” Norbert Dentressangle said.
Norbert Dentressangle’s freight forwarding business now has a network of 50 offices and 600 employees operating in 12 countries on three-continents.