Kuehne + Nagel further expands its activities in the global reefer business

Effective September 1, 2004, Kuehne + Nagel has acquired the Canadian company Grifcold Inc. The takeover marks a further step in the group-wide strategy to extend its expertise and capacities in the reefer / perishables niche sector worldwide.

Grifcold Inc., specialising in the transport of temperature-sensitive cargo since 1984, ranks among the leading service providers in this niche sector in Eastern Canada. With branch offices in Toronto and Montreal, the company handles around 4,000 TEU by sea every year – mainly shipments of fresh fish and meat, vegetables and fruits to and from Europe and Asia. Grifcold’s activities complement the service offering of the Canadian Kuehne + Nagel organisation in reefer cargo and allow the expansion of its customer base.

“It is our objective to achieve a leadership position in the field of global reefer transportation,” said Reinhard Lange, COO Sea & Air Logistics, Kuehne + Nagel International AG. “In addition to being present in key markets this business demands a high degree of specialised know-how. We have been accelerating our already strong organic growth in this segment through acquisitions in Norway, more recently in the Netherlands and now in Canada. In the medium term, we plan to extend our expertise and capacities in China, Japan as well as the US and invest in new technologies.”

For the time being, Grifcold Inc. will operate as a wholly owned subsidiary of Kuehne + Nagel International Ltd. The parties have agreed not to disclose the purchase price.