Kuehne + Nagel closes ACR acquisition

Kuehne + Nagel closes ACR acquisition    Kuehne + Nagel International AG, a global forwarding and logistics services company based in Schindellegi, Switzerland, has completed its acquisition of ACR Logistics, two weeks after the European Commission's approval of the takeover.
   ACR, a large European third-party logistics provider, will now operate under the Kuehne + Nagel brand, and will be fully integrated into the Kuehne + Nagel Group.
   Klaus-Michael Kuehne, executive chairman of Kuehne + Nagel's board of directors, called the acquisition 'a quantum leap for our organization.'
   Xavier Urbain, former chief executive officer of ACR Logistics, has been appointed a member of the Kuehne + Nagel Group Management and also heads the newly created Kuehne + Nagel Southwest Europe region.
   Kuehne + Nagel acquired the entire share capital of ACR Logistics for 440 million euro. The transaction was financed by a combination of existing cash and the sale of 1.7 million treasury shares.