Damco, the logistics arm of A.P. Moller-Maersk, has signed a deal to acquire Pacific Network Global Logistics (PacNet), a freight forwarder based in Australia, to build a stronger presence in Asia-Pacific and Greater China.
By taking over PacNet, Damco said it will improve its market share of the retail and lifestyle sectors in Australia and further strengthen its position in the fast-growing China-Australia trade lane.
“Damco has been looking to strengthen its overall presence in Australia in the segments where PacNet is active for some time. Combining forces with PacNet is in that context a very logical step and an almost perfect fit,” Damco said in a statement.
Damco said that despite the takeover, there will be no disruption to PacNet’s services as the Denmark-based conglomerate will absorb its senior management team and largely retain the staff running its existing operations.
Damco has about 10,800 employees worldwide and a turnover of US$2.8 billion in 2011. PacNet has 382 employees and a turnover of $180 million in fiscal year 2011.
Photo: gordondotmilligan
