Hong Kong-headquartered freight group acquires a majority interest in Turkey’s top-ranking air freight agent by tonnage flown, to further expand its global network and strengthen its international freight forwarding capabilities.
Kerry Logistics Network Limited has 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.
Kerry said the acquisition would “help Kerry Logistics to gain a major foothold in Turkey and further consolidate its network and capabilities in the region, building upon ASAV’s competitive advantages of established operations and a diversified mix of domestic and international customers”.
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 45,000 sqm in Istanbul combining bonded and non-bonded storage areas plus a bonded warehouse of 20,000 sqm in Amsterdam. Founded in 1994 in Turkey, ASAV was ranked top among Turkey’s air freight agents by tonnage flown, according to 2017 and 2018 yearly IATA rankings.
Mathieu Biron, managing director of Kerry Logistics for Global Freight Forwarding, 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 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.”
Kerry said it will “continue to focus on expanding its IFF business both organically and through mergers and acquisitions, taking into account the positive profit growth and expansion potential in the IFF division”.