Emirati logistics multinational DP World has completed the acquisition of Cargo Services Far East, the Hong Kong-based fashion and apparel distributor, which was founded in 1990 and became known as one of the earliest foreign logistics service providers to enter the Chinese market.
A company statement said that, following the successful acquisition of an enterprise that employed over 2 500 people across Asia, Europe, South Africa and the US, DP World now had more than 115 000 employees spread over 800 locations globally.
By the end of the year, it will operate more than 200 freight forwarding offices, covering up to 95% of global trade flows.
Cargo Services has established an extensive portfolio of solutions, such as origin purchase order management, ocean freight, air freight and warehousing for a diverse range of sectors.
This includes sophisticated supply chain management services for retail and high-fashion customers in the US, UK, Europe, South Africa, Australia and New Zealand.
It has also expanded its portfolio to provide specialised cruise logistics services globally.
The statement said the acquisition was based on the need for industries such as automotive, chemicals, healthcare, perishables, retail and technology that required tailored logistics solutions.
“DP World is strategically focused on creating specialised offerings that address each sector’s specific challenges and opportunities. The goal is to provide comprehensive, sector-specific solutions that drive efficiency, innovation, and growth.”
DP World group chair and chief executive, Sultan Ahmed bin Sulayem, said: “Cargo Services’ logistics expertise and global network perfectly complement our own footprint, and will be yet another tool in our offering to customers. Together, we’ll create a powerful force propelling trade globally.
“By combining our strengths – technology, a growing logistics portfolio and strategic infrastructure – with Cargo Services’ expertise and network, we will be able to offer unparalleled value to customers seeking to strengthen existing trade ties or enter new markets.
“We are very excited to welcome our new colleagues, as they join us on this pivotal step in our growth journey.”
Group managing director of Cargo Services Group, John Lau, highlighted the benefits of joining forces.
“By joining DP World, we will gain access to extensive resources and expertise, allowing us to continue delivering top-tier freight-forwarding and logistics services that our customers demand. With a shared vision and strategy, I am confident that our respective teams will come together seamlessly to deliver growth.”
Full integration of Cargo Services into DP World is expected to be completed over the next few months.
“The combined team will put together all required resources to ensure a smooth integration process, prioritising operational continuity, and delivering to meet customers’ needs,” DP World said.
“To ensure a seamless transition, Lau will remain with the business and assume a senior leadership position within DP World.”
