HONG KONG, CHINA - Media OutReach - 18 November 2019 - Kerry Logistics Network Limited ('Kerry Logistics'; Stock Code 0636.HK) announced the acquisition of a majority interest in Turkey's Asav Lojistik Hizmetleri Anonim Sirketi ('ASAV') to further the expansion of its global network and strengthen its international freight forwarding ('IFF') capabilities. Building upon ASAV's competitive advantages of established operations and a diversified mix of domestic and international customers, the acquisition will help Kerry Logistics to gain a major foothold in Turkey and further consolidate its network and capabilities in the region.
Founded in 1994 in Turkey, ASAV was ranked No. 1 in Turkey's Top 5 Agents by tonnage flown, according to 2017 and 2018 yearly IATA rankings, offering professional air, ocean and road freight to the market. ASAV has seven offices across the country, including five in Istanbul, one in Bursa and one in Izmir as well as one in Amsterdam in the Netherlands. It also has a warehouse of 452,000 sq ft in Istanbul combining bonded and non-bonded storage areas plus a bonded warehouse of 21,500 sq ft in Amsterdam.
Mathieu Biron, Managing Director - Global Freight Forwarding of Kerry Logistics, said, "We are excited to work with ASAV, a young, dynamic and highly professional team, to tap into the business potential of a promising market and create greater synergy with the diverse mix of customers it brings. The partnership is poised to significantly boost our IFF capabilities in Turkey and enrich our resources in the Europe-Asia freight route, instrumental in helping us to further expand our IFF business worldwide."
Melek Karabacak, Vice Chairperson of ASAV, said, "For the past 25 years, ASAV has built a solid foundation and a rich customer portfolio in Turkey and the region. Joining Kerry Logistics is an exciting news for us. We are looking forward to combining our local and regional expertise with Kerry Logistics' global network and extensive service offerings to support our ongoing development and provide a broader range of innovative solutions to our existing and future customers."
Taking into account the positive profit growth and expansion potential in the IFF division, Kerry Logistics will continue to focus on expanding its IFF business both organically and through mergers and acquisitions.
About Kerry Logistics Network Limited (Stock Code 0636.HK)
Kerry Logistics is an Asia-based, global 3PL with the strongest network in Asia. Its core competency is providing highly customised solutions to multinational corporations and international brands to enhance their supply chain efficiency, reduce overall costs and improve response time to market. Kerry Logistics has a network covering 53 countries and territories, and is managing 70 million sq ft of land and logistics facilities worldwide, providing customers with high reliability and flexibility to support their expansion and long-term growth. Kerry Logistics Network Limited is listed on the Main Board of the Hong Kong Stock Exchange and is a selected Member of the Hang Seng Corporate Sustainability Index Series 2019-2020.