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Japan’s SG Holdings has acquired top 20 airfreight forwarder Morrison Express as it looks to expand its presence in the semiconductor and high-tech logistics industries.
SG Holdings did not disclose terms of the deal in a press release but news service Nikkei Asia is reporting the deal is worth around $900m.
The company said the acquisition will ”enhance the capabilities of the SG Holdings Group”, “significantly expanding on its Asian market presence and strengthening its position as a global leader in specialised logistics services”.
In 2023, Morrison Express ranked as the 17th largest airfreight forwarder in the world with volumes of 268,496 tonnes and overall company revenues of $800m.
The company has nearly 70 offices worldwide and is known for its services covering the semiconductor and high-tech markets. It also has specialist services covering the automotive, consumer and retail, healthcare and life sciences, chemical, industrial, and energy sectors.
As well as airfreight, the forwarder also offers ocean freight, road freight, rail freight, contract logistics and customs brokerage services.
SG Holdings is mainly known for its express delivery services - it owns Sagawa Express - while in forwarding and logistics, it already owns EFL Global through its investment in Expolanka Holdings as well as SG Logistics, SG Holdings and C&F Logistics.
“Particularly in relation to the freight forwarding business, Morrison Express’ strength in airfreight and high-tech verticals will be complementary with the ocean freight forwarding and commercial verticals (apparel and daily sundries) in which EFL Global, the Group’s core freight forwarding company, has its strengths,” SG Holdings said in a press release.
Bokuto Yamauchi, the head of global strategy department - SG Holdings and chairman and chief executive of the Expolanka Group, added: ”The acquisition will significantly enhance global network coverage, allowing the SG Holdings Group to provide better logistics solutions across different regions.
“Morrison Express’ established relationships within the technology sector and strong Asian market presence, combined with their expertise in semiconductor logistics, perfectly complements our existing capabilities and forward-thinking approach to supply chain management.”
