DP World buys Cargo Services Far East, enters retail logistics
By end of 2024, DP World will operate more than 200 freight forwarding offices, covering 95% of global trade flows.
Photo Credit: Cargo Services Far East
DP World has completed the acquisition of Cargo Services Far East – a global supply chain provider headquartered in Hong Kong.
Cargo Services is a market leader in origin services – moving goods from the factory floor to the customers' door, and employs over 2,500 people in Greater China and across Asia, Europe, South Africa and the U.S., says an official release from DP World.
"With this significant milestone, DP World now has more than 115,000 employees, spread over 800 locations globally. By the end of the year, it will operate more than 200 freight forwarding offices, covering up to 95% of global trade flows."
Founded in 1989, Cargo Services was one of the earliest foreign logistics service providers to enter the China market, the release added. "Over the decades, it has established an extensive portfolio of solutions such as origin purchase order management, ocean freight, air freight and warehousing for a diverse range of sectors. This includes sophisticated supply chain management services for retail and high-fashion customers in the U.S., U.K., Europe, South Africa, Australia and New Zealand. It has also expanded its portfolio to provide specialised cruise logistics services globally."
Sultan Ahmed bin Sulayem, Group Chairman & Chief Executive Officer, DP World says: “Cargo Services' logistics expertise and global network perfectly complement our own footprint, and will be yet another tool in our offering to customers. Together, we'll create a powerful force propelling trade globally. By combining our strengths - technology, a growing logistics portfolio and strategic infrastructure - with Cargo Services' expertise and network , we will be able to offer unparalleled value to customers seeking to strengthen existing trade ties or enter new markets. We are very excited to welcome our new colleagues, as they join us on this pivotal step in our growth journey."
John Lau, Group Managing Director, Cargo Services Group adds: “By joining DP World, we will gain access to extensive resources and expertise, allowing us to continue delivering top-tier freight-forwarding and logistics services that our customers demand. With a shared vision and strategy, I am confident that our respective teams will come together seamlessly to deliver growth.”
The acquisition process is officially complete with plans for full integration over the next few months. To ensure a seamless transition, Lau will remain with the business and assume a senior leadership position within DP World, the release added.
