DUBAI: Unifeeder, a 100 per cent owned subsidiary of DP World PLC, has announced the acquisition of a 77 per cent stake in the Feedertech Group.
The deal, which is expected to close in the first quarter of 2020, is the latest step in DP World’s plan to build end-to-end logistics capability to serve the needs of shipping lines and cargo owners, said a press release issued by DP World on Wednesday.
The acquisition of Feedertech will expand the company’s feedering and short-sea product offering to multiple geographies.
Established in 2003 and based in Singapore, Feedertech operates two businesses — Feedertech, which is an independent feedering service, and Perma, a regional short sea network. Both operate in the same market and connect the fast-growing trade route of Asia to the Middle East via the Indian Subcontinent.
Feedertech group calls at 50 ports, generating a combined revenue of around $200 million from a diverse customer mix and transporting more than 600,000 TEUs annually.
Acquired by DP World in 2018, Unifeeder is an integrated logistics company with the largest and best-connected feeder and growing short sea network in Northern Europe with connectivity to approximately 100 ports.