Kuehne: K + N equipped to handle downturn

Kuehne: K + N equipped to handle downturn Klaus-Michael Kuehne, executive chairman of Swiss logistics giant Kuehne + Nagel, said Tuesday his company is well placed to weather a downturn in demand.

Kuehne

   'Kuehne + Nagel has prepared early for a significant slowdown and implemented measures focusing on strict cost management and continued productivity increase,' Kuehne said at a general meeting Tuesday to elect a new member to K + N's board. 'The group is strategically well positioned on a global scale. Furthermore we are debt-free and hold a high cash balance. We will continue to take advantage of business opportunities in new markets and industries and will actively participate in further consolidation within the logistics industry.'
   Shareholders of the company elected German Karl Gernandt to the board of directors for a three-year term. Gernandt will assume his position as delegate of the board of directors effective Jan. 1.