Port operator DP World buys US logistics firm in $1.2B deal
Advertisement
Read this article for free:
or
Already have an account? Log in here »
We need your support!
Local journalism needs your support!
As we navigate through unprecedented times, our journalists are working harder than ever to bring you the latest local updates to keep you safe and informed.
Now, more than ever, we need your support.
Starting at $15.99 plus taxes every four weeks you can access your Brandon Sun online and full access to all content as it appears on our website.
Subscribe Nowor call circulation directly at (204) 727-0527.
Your pledge helps to ensure we provide the news that matters most to your community!
To continue reading, please subscribe:
Add Brandon Sun access to your Winnipeg Free Press subscription for only
$1 for the first 4 weeks*
*$1 will be added to your next bill. After your 4 weeks access is complete your rate will increase by $4.99 a X percent off the regular rate.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 01/07/2021 (1558 days ago), so information in it may no longer be current.
DUBAI, United Arab Emirates (AP) — One of the world’s largest port operators, DP World, said Thursday it has acquired an American logistics firm in a $1.2 billion deal, the latest investment as the maritime company pushes to expand farther afield.
Dubai-based DP World said its purchase of global logistics provider Syncreon Holdings is expected to close later this year. The company plans to fund the acquisition from existing resources so as not to take on more debt.
The move comes after the port operator posted a 29% drop in 2020 profits as the coronavirus pandemic froze global supply chains and upended trade flows. The company delisted from the stock exchange and returned to full state-ownership last year.
Syncreon operates supply chains for the automotive and technology industries, managing warehouses and fulfillment centers for packing, shipping and delivering across 19 countries.
DP World now operates in 61 countries along some of the world’s busiest shipping routes, from Brisbane, Australia, in the East to Prince Rupert, Canada, in the West. The company has aggressively extended its reach up the Horn of Africa, positioning the United Arab Emirates as one of the main foreign players crowding into the strategic Red Sea.
Despite the challenges of the pandemic, DP World has done brisk business in recent months, striking a range of deals to grow its footprint as a vast logistics company.