{"id":13038,"date":"2020-07-07T02:44:37","date_gmt":"2020-07-06T23:44:37","guid":{"rendered":"https:\/\/www.al-sindbad.net\/maersk-acquires-customs-broker-kgh-2\/13038\/"},"modified":"2020-07-07T02:44:37","modified_gmt":"2020-07-06T23:44:37","slug":"maersk-acquires-customs-broker-kgh-2","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/maersk-acquires-customs-broker-kgh-2\/13038\/","title":{"rendered":"Maersk Acquires Customs Broker KGH"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/images.maritimeprofessional.com\/images\/maritime\/w200\/aapsky-adobe-stock-114455.jpeg\" \/><\/p>\n<p>Maersk said on Monday it had agreed to buy Sweden-based customs broker KGH Customs Services for 2.6 billion Swedish crowns ($281 million), as the container shipping group seeks to expand its end-to-end logistics services.<\/p>\n<p><\/p>\n<p>Maersk since 2016 has sold its oil and gas business and focussed on its container and logistics business for customers including Walmart and Nike.<\/p>\n<p><\/p>\n<p>It handles about one in five containers shipped by sea worldwide and is seeking to speed up investments in in-land logistics services.<\/p>\n<p><\/p>\n<p>Last year, it bought California-based warehousing and distribution firm Performance Team, and in February it purchased New Jersey-based customs broker Vandegrift.<\/p>\n<p><\/p>\n<p>&#8220;KGH is another building block for us towards becoming a global integrator,&#8221; Vincent Clerc, Maersk&#8217;s chief commercial officer, said in an interview.<\/p>\n<p><\/p>\n<p>Maersk is under pressure from investors to speed up its transformation from a conglomerate. Although its share price has risen by two-thirds since March, it is still one-third below a peak three years ago.<\/p>\n<p><\/p>\n<p>&#8220;Developing these customs solutions ourselves would either take too much time or be too risky,&#8221; said Clerc.<\/p>\n<p><\/p>\n<p>Maersk wants to offer its customers the possibility to book transportation, customs clearance and final delivery at once rather than booking with two or three different suppliers, Clerc said.<\/p>\n<p><\/p>\n<p>&#8220;This allows us to take ownership of the entire shipment and move it faster,&#8221; he said.<\/p>\n<p><\/p>\n<p>The company said it will acquire KGH from private equity firm Bridgepoint Development Capital on a cash and debt-free basis and expects synergies in earnings before interest, tax, depreciation and amortisation to reach 50 million to 75 million crowns.<\/p>\n<p><\/p>\n<p>With the acquisition, Maersk will increase its presence in customs services to 22 European countries from 15 currently.<\/p>\n<p><\/p>\n<p>KGH has 775 employees and had revenue last year of $95 million.<\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><em>($1 = 9.2689 Swedish crowns)<\/em><\/p>\n<p>maritime professional<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Maersk said on Monday it had agreed to buy Sweden-based customs broker KGH Customs Services for 2.6 billion Swedish crowns ($281 million), as the container shipping group seeks to expand its end-to-end logistics services. Maersk since 2016 has sold its oil and gas business and focussed on its container and logistics business for customers including &hellip;<\/p>\n","protected":false},"author":1,"featured_media":13035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[1128,1367,4277,8604,93],"class_list":["post-13038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-acquires","tag-broker","tag-customs","tag-kgh","tag-maersk"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/13038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=13038"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/13038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/13035"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=13038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=13038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=13038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}