Kuehne & Nagel to acquire Pracht Spedition + Logistik
Kuhne & Nagel Germany has entered into an agreement with Hapag -Lloyd to purchase the forwarding and logistics company Pracht, based in Haiger / Hesse, effective January 1, 2004.
Pracht, a wholly-owned subsidiary of Hamburg-based Hapag-Lloyd, reported a 2002 turnover of almost €200 million. Pracht manages over 140,000 m2 of warehousing and logistics space, with central warehouses in central Germany (Haiger and Rennerod), and branches in Kassel, Stadtallendorf, Siegen and Wetzlar. With around 900 employees and a network of over 100 regular line operations to all the German and European economic centres, the company focuses on industry-specific contract logistics solutions.
“With the acquisition of Pracht,” said Ewald Kaiser, the Managing Director of Kühne & Nagel KG, “We are expanding our presence in Germany, strengthening our leading market position in contract logistics and are investing in a company with a successful overland transport concept. Both partners will benefit from this merger.”
Klaus-Michael Kuehne, President of the Board of Directors of Kuehne & Nagel International commented, “In the framework of our ambitious plans for the further successful expansion of Kuehne & Nagel in Germany, the acquisition of Pracht Spedition + Logistik is a significant step. Pracht’s many years of experience and proven capabilities in overland transportation offers the ideal platform to expand this business sector.”
The agreement is subject to approval by various bodies. Both parties declined to disclose the purchase price.
