Globe Express Services acquires Italy's 4th Asia-Europe forwarder, ITSA
2012 04 19
- Details
GLOBE Express Services, of Charlotte, North Carolina, a major logistics provider, has finalised the acquisition of Rome-based International Transport Services Associated (ITSA), according to a GES statement.
ITSA ranks fourth in Italy in terms of volume on forwarding volume in the Asia-Italy trade, operating from Milan, Venice, Taranto, Pomezia, Civitavecchia and Bari, as well as its own warehouses in Rome and Milan.
With the deal, GES increases its global network to 56 corporate offices worldwide, reflecting the company's commitment to working with the right people in the right places to support its growth plans.
In 2011, Italy boasted the world's eleventh largest economy in terms of purchasing power, with an estimated GDP of US$1.82 trillion. The national economy is driven in large part by the manufacture and export of high-quality consumer goods, including textiles, apparel, footwear, motor vehicles, food and beverages.
But despite weakness of the Italian import market brought about by the European debt crisis, ITSA has managed to maintain its position and market share Italy-Asia Pacific trade, said the GES statement.
Said GES chairman Gilbert Khoury: "This acquisition not only expands our office network in Europe, but extends to the Italian market key service segments (air freight, warehousing, consolidation services) already provided by GES France and GES Switzerland. In addition, we are strengthening our global footprint and product offering in relation to the fashion and apparel industry."
Said ITSA president Vincenzo Cuffaro: "We strongly believe that this will benefit both GES and ITSA. From ITSA's point of view, we will gain access to new markets and increase our export business, which are two of our main strategic objectives. We will also gain a broader corporate vision and access to a more complete support network, which will help expand and further improve our business model."
"This joint venture comes as part of GES' long-term growth strategy and constant commitment in striving to provide comprehensive solutions to customers worldwide. With the JV, distinct capabilities have been combined to positively enhance customer service and logistics efficiencies," said the GES statement.
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