Dubai: The Dubai headquartered ports operator DP World has Hong Kong based Cargo Services Far East ltd., which will help with the former's ambitions to be a leading global player in retail and fashion logistics.
Cargo Services is a market leader in 'origin services', which is moving goods from the factory floor to a customer’s door. It employs over 2,500 people in Greater China and across Asia, Europe, South Africa and the US.
With this deal, DP World now has more than 115,000 employees spread over 800 locations. By the end of the year, it will operate more than 200 freight forwarding offices, thus 'covering up to 95 per cent of global trade flows'.
The acquisition process is officially complete, with plans for full integration in the next few months.
Founded in 1989, Cargo Services was one of the earliest foreign logistics service providers to enter the China market. It has an extensive portfolio of solutions such as origin purchase order management, ocean freight, air freight and warehousing for diverse sectors.
"Together, we'll create a powerful force propelling trade globally," said Sultan Bin sulayem, Chairman and CEO of DP World. "By combining our strengths - technology, a growing logistics portfolio and strategic infrastructure – with Cargo Services' expertise and network , we will be able to offer unparalleled value to customers seeking to strengthen existing trade ties or enter new markets."
