Shipping group Maersk to buy U.S. warehousing and distribution firm
Photo credit: Maersk
Maersk said the value of the deal is $545 million, including lease liabilities of around $225 million.
The world’s largest container shipping firm aims to boost its earnings from its inland logistics operations, or non-ocean business. In 2018, the ocean transport business accounted for almost 80% of core earnings.
“This will strengthen our ability to deliver products and solutions that meet our customers’ end-to-end supply chain needs,” Vincent Clerc, chief executive of Ocean & Logistics at Maersk said in a statement.
While Maersk moves around one in five containers shipped at sea, it handles land transportation from ports to warehouses and distribution centers for less than a quarter of its customers.