DHL Danzas Air & Ocean acquires all of Cormar
DHL Danzas Air & Ocean on Wednesday said it had acquired the remaining shares of Corporacion Cormar Sociedad Anonima, a Central American transport and logistics specialist, in order to build operations across the region and achieve synergies for the DHL Group. DHL Danzas Air & Ocean will acquire the remaining 65 percent of Cormar shares from the longstanding senior management and outside shareholders that are also customers of Cormar.
Cormar, with 1,370 employees, operates a network of 37 locations in Guatemala, Honduras, Belize, El Salvador, Nicaragua, Costa Rica and Panama. Through its fully owned subsidiary Arwest, Cormar offers an international trucking network that connects Mexico with all countries in Central America with less-than-truckload as well as full truckload services.
Cormar reported $58 million in net sales in 2002.
“Central America is a vibrant market that offers significant growth potential for DHL Danzas Air & Ocean. With an enviable client list and proven operating and financial credentials, Cormar is an important acquisition for us. Securing 100-percent ownership will speed up the process by which we can offer customers access to the full range of DHL capabilities,” said Renato Chiavi, Chief Operating Officer of DHL Danzas Air & Ocean.
