GreenCarrier acquires Latvian forwarder
Swedish logistics company GreenCarrier International said Monday it has strengthened its position in Eastern Europe and the Baltic region with the acquisition of Spedair, an independent Latvian transportation and freight forwarding company.
Terms of the deal were not undisclosed.
Spedair was established in 1998 and is based in Riga, with subsidiaries in Kiev and Minsk, as well as a worldwide network of agents. The company provides air, road, ocean and rail freight forwarding, multimodal transportation, warehousing and storage services, and customs brokerage services. It also has its own fleet of vehicles operating regular routes between Latvia, Ukraine and Belarus.
Within Riga International Airport, Spedair operates a cargo terminal that includes an open bonded warehouse. In 2007, the company had turnover of $5 million and profits of $179,000.
'In its niche, Spedair is a strong company and the acquisition will help us to reinforce our position throughout the Baltic Sea region,' said Staffan Kjellberg, managing director of GreenCarrier, in a statement.
The acquisition of Spedair follows GreenCarrier's purchase of Finnish forwarding company Oy FCS Logistics Ltd in June. GreenCarrier is the logistics arm of the Gothenburg-based Bj'rk.Eklund Group, one of Sweden's largest privately owned logistics and transportation companies.