Kuehne + Nagel takes over HSBC Export Services

Kuehne + Nagel will acquire the book of business of the Export Services Division of HSBC Bank plc, as from 1 December, 2006. The deal provides Kuehne + Nagel with access to a significant export orientated customer portfolio.

Based in Coventry and employing approximately 30 staff, HSBC Export Services specialises in export documentation and credit management as well as seafreight and roadfreight. With expert know-how in outsourced documentation services, the new business ideally complements Kuehne + Nagel’s existing export offerings for full container loads (FCL), less than container loads (LCL) and European road services.

Peter Ulber, Chief Executive of Kuehne + Nagel North West Europe, says “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.”

Chris Taylor, Centre Manager of HSBC Export Services, who will head the new division, says “We are delighted at the opportunity to join the leading end-to-end supply chain solutions provider, Kuehne + Nagel. 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.”

Both parties agreed not to disclose the purchase price.