Drone Delivery Canada’s sales agreement with Air Canada pays off as it reaches a deal to provide a drone platform at DSV Panalpina’s facility near Toronto.
The chairman of DSV Panalpina says the company will concentrate on bringing Panalpina into the fold for 12-18 months, before its next acquisition, which may be aimed at strengthening its road business.
The recent acquisition of freight forwarder and logistics specialist Panalpina by DSV marks one of the few M&A deals that have occurred in the market over the last several years.
Danish logistics conglomerate DSV is now one of the world’s leading forwarders after completing the acquisition of Panalpina in August.
Jens Bjørn Andersen, chief executive officer, said the company was “very pleased with the strong results for the second quarter of 2019. Global transport markets are soft – especially within air freight, but DSV has managed to outgrow the market while still delivering market leading profitability.”
Panalpina’s worse than expected results appear to be largely due to the company being picked off by its competitors as its customers wait to see how the merger with DSV shakes out.
Panalpina announced a war risk surcharge in response to increased insurance expense for shipments moving through the Strait of Hormuz.
Danish freight forwarder DSV has begun 2019 in the same groove as the previous five years, registering further growth in 2019 as the company anticipates a merger with its Swiss partner, Panalpina, later this year.
Danish logistics major DSV is acquiring Swiss rival Panalpina in a deal worth $4.6 billion, creating one of the world’s largest companies in logistics and freight forwarding.
Swiss freight forwarder looks to the Middle East for opportunity with deal for one-time provider of logistics services to U.S. military.
