20 February 2020 22:27 80 reuters.com

Shipping group Maersk to buy U.S. warehousing and distribution firm

Danish shipping group A.P. Moller-Maersk said on Wednesday it had agreed to buy U.S. warehousing and distribution firm Performance Team as part of plans to deliver more customized logistics solutions.

Photo credit: Maersk

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.

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