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Kerry Logistics Acquires ASAV Majority Stake

Kerry Logistics Acquires ASAV Majority Stake

Hong Kong-based Kerry Logistics has announced the acquisition of a majority interest in Turkey's Asav Lojistik Hizmetleri Anonim Sirketi (ASAV). Kerry said the acquisition will help it gain a major foothold in Turkey and further consolidate its network and capabilities in the region.

ASAV has seven offices in Turkey, including five in Istanbul, one in Bursa and one in Izmir, as well as one in Amsterdam. The company operates a 452,000-square-foot warehouse in Istanbul, combining bonded and non-bonded storage areas, plus a 21,500-square-foot bonded storage warehouse in Amsterdam.

ASAV is one of the largest air forwarders in Turkey in terms of tonnage.

Traffic volumes emanating from Turkey are robust. Flag carrier Turkish Airlines (THY) reported that the combination of cargo and mail carried during the first 10 months of 2019 increased by 9.3% year-on-year, reaching 1.3 million tons.

Image Sourced from Pixabay

Posted-In: acquisition air cargo FreightM&A News Global Markets General


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