Panalpina eyeing acquisitions, alliances
Panalpina Group saw gross revenue rise by more than 26% in 2000 to 6.9 billion Swiss francs (about $4 billion), while its net income increased by the same percentage, to about $55 million.
Panalpina chairman Gerhard Fischer said at a Friday news conference that the company’s April 2 buyback of the financially troubled SAirGroup’s shares in the two-year-old Swiss Global Cargo venture “is not a setback,” and will allow Panalpina “to pursue a forward-looking strategy without having to withstand any additional strains” caused by SAirGroup’s restructuring.
Fischer and Panalpina chief executive Bruno Sidler said they favored an “organic growth” expansion strategy instead of the acquisition strategy of one of their main competitors, Danzas AG. But Fischer said he “would not exclude the possibility of a carefully selected acquisition or alliance to improve our market position” particularly in North America, the Far East, and on trans-Pacific routes, although he added the company has no “concrete plans” now for a U.S. acquisition.
Panalpina last year strengthened it U.S. distribution and logistics network by signing a cooperation agreement with AIT Worldwide Logistics, recently opened a new air cargo terminal in Huntsville, Ala., and beefed up its Latin America air hub in Miami.
