11
May
2005
|
08:02
Europe/Amsterdam

Kuehne + Nagel expands its stake in WM Cargonet

Within the scope of the cooperation agreement with the WM Group, Bocholt, entered into in 2004, Kuehne + Nagel has expanded its stake in WM Group’s subsidiary WM Cargonet GmbH & Co. KG, acquiring the remaining 60 per cent retrospective to January 1, 2005.

WM Cargonet’s activities encompass system driven groupage in Germany and Europe as well as traditional full and part truckload operations. Since 1989, the subsidiary of the WM Group has been a member of the IDS groupage network. WM Cargonet has 590 employees in Bocholt, Chemnitz, Duisburg and Leipzig, and ranks among the local market leaders for overland transport in Saxony and North Rhine-Westphalia.

“Our strategy to expand the overland transport business as well as our good cooperation with the WM Group over the last fifteen months have led us to the decision to fully integrate WM Cargonet into our German organisation. This will further strengthen our position in the groupage market and facilitate additional synergies,” Ewald Kaiser, Managing Director of Kühne + Nagel (AG & Co.) KG, commented.

The agreement is subject to the approval of the antitrust authorities. Both parties agreed not to disclose details on the transaction, under the terms of which Kuehne + Nagel in return gave back its 10 per cent stake in WM Logistics / WM eLogistics to the WM Group.inge.lauble@kuehne-nagel.com