Kuehne + Nagel`s war chest swells to US$380 million

KUEHNE + NAGEL has built up an acquisition kitty of CHF400 million (US$380million) to expand its overland network in southern Europe.

"We have repeatedly said that, apart from organic growth, we will also consider suitable acquisitions in this business unit (overland)," the company said.


"For quite a while we have been looking at possible acquisitions in Southern Europe," said Kuehne + Nagel. "This evaluation is ongoing, but there is nothing concrete to be reported by now."


London`s International Freighting Weekly suggested the company is looking to spend the money, equivalent to about half the cash reserve it has built up, over the next two-and-a-half-years.


In the second quarter of this year Kuehne + Nagel`s turnover increased by almost 16 per cent, year on year, to CHF9.85 billion. Net earnings grew by 8.9 per cent to CHF281 million in the first six months of 2010, after handling 20 per cent more sea freight volumes than a year earlier, and air freight volumes rose by 31 per cent with volumes increasing on all trade lanes, especially on routes to and from Asia.