Freight forwarders merge
Two 'mid-major' global freight forwarders said Tuesday they have merged their businesses.
Overseas Group and Globe Express said their merger, cemented in Hong Kong last week, would play to the relative strengths of the two companies, with executives from both companies to be retained.
'Combining forces with Overseas Group strengthens our position in the logistics market by increasing our efficiencies, knowledge base and market share,' said Ziad Korban, who will serve as chief executive officer of the merged companies. 'This new partnership will enable us to offer more value added services, expand our geographic footprint and embark upon new opportunities.'
Gilbert Khoury, president of Overseas Group, said, 'Very little overlap exists within our companies, each with its own unique areas of expertise both in terms of business segments and trade lanes served, along with geographic presence.'
Overseas Group's forte is U.S. exports to Europe and the Middle East, while Globe Express Services (GES) has historically focused on Asian imports to the United States.
'Both companies had powerful regional strengths, relationships and operating platforms,' said Tony Bikhazi, who will serve as president, Americas. The combined company now offers robust front-line support (corporate offices) and personnel in nearly every major global logistics market including Asia, the Americas, Europe and the Middle East. The biggest thing our customers will notice is expanded global capabilities.'
Financial terms of the merger were not released.
Freight forwarders merge
