Kuehne & Nagel sets $400M for U.S. purchase

Switzerland’s Kuehne & Nagel AG has set aside up to $400 million for a possible U.S. logistics acquisition, company officials say.

Kuehne & Nagel has been looking to increase its distribution and logistics business in the U.S. Executives said on Thursday that the company has not found the right partner, but hope to make a move this year.

Chairman Klaus-Michael Kuehne, who owns about 56% of the company’s shares, told reporters that his company has set aside $200-400 million for a planned U.S. acquisition.

Kuehne & Nagel posted record revenue last year of about $5 billion