Kuehne + Nagel to buy HSBC Export Services
Kuehne + Nagel has agreed to buy the export services division of Britain’s HSBC Bank, effective Dec. 1. Financial details have been withheld.
Based in Coventry, England, and employing about 30 staff, HSBC Export Services specializes in export documentation and credit management as well as sea freight and road freight.
“With expert know-how in outsourced documentation services, the new business ideally complements Kuehne + Nagel’s existing export offerings for full containerloads, less than containerloads and European road services,” the Swiss forwarding and logistics firm said in a statement.
“HSBC Export Services is a perfect strategic fit for Kuehne + Nagel in the U.K., and is consistent with our strategy of acquiring companies which bring value both to us and our customers,” said Peter Ulber, chief executive of Kuehne + Nagel, North West Europe.
“There is certainly a very good match between Kuehne + Nagel’s global logistics capabilities and the value-added products we specialize in, which offers an excellent opportunity to develop our business further,” said Chris Taylor, Centre Manager of HSBC Export Services, who will head the new division.