A.P. Moller – Maersk announces the completion of its acquisition of LF Logistics, a Hong Kong-based contract logistics company with premium capabilities within omnichannel fulfilment services, e-commerce, and inland transport in the Asia-Pacific region. LF Logistics, with its Asia-Pacific wide footprint and industry-leading fulfilment capabilities, matches Maersk’s strategic intent to support customer supply chain needs end-to-end as a trusted partner in control of the assets. Following the acquisition, Maersk will add 223 warehouses to its existing portfolio, bringing the total number of facilities to 549 globally, spread across a total of 9.5m square meters.
“I am thrilled to welcome LF Logistics to Maersk. Maersk in Asia has historically been primarily focused on ocean transportation out of Asia and related logistics services. Transporting and managing goods manufactured in Asia for consumer markets in the West and beyond. With the addition of LF Logistics, Maersk gains unique and best-in-class capabilities to service the important and fast-growing consumer markets in Asia. Furthermore, LF Logistics’ expertise in omnichannel fulfilment positions us well with the global e-commerce market,” said Mr Ditlev Blicher, Regional Managing Director of Asia Pacific at A.P. Moller – Maersk.
LF Logistics employs 10,000 people, operating an extensive Pan-Asian network, and is the ideal supply chain partner of choice for companies looking to grow in the Asia-Pacific region. LF Logistics specializes in B2B and B2C distribution solutions within retail, wholesale, and e-commerce and has a track record of deep customer relations and operational excellence, which is a strong base for Maersk to expand within Asia-Pacific and globally.
In addition, an earn-out with a total value of up to USD 160 million related to future financial performance has been agreed upon as part of the transaction. Moreover, as part of the transaction to acquire LF Logistics, Maersk has entered a strategic partnership with Li & Fung to develop a comprehensive range of end-to-end global supply chain services, with Li & Fung focusing on the upstream supply chain and Maersk focusing on the downstream supply chain. Furthermore, following separate regulatory approvals, the parent company of Li & Fung is expected to retain and continue to build the carved-out GFM business.
“LF Logistics has an enviable track record of profitable growth in the region for more than two decades. Maersk’s global presence provides an ideal platform for our next phase of organizational expansion and development. The unique and complementary strengths of the two companies will allow our customers to achieve sustainable competitive advantage and our people to attain their full potential. We look forward to a seamless transition experience for both our colleagues and customers,” said Mr Joseph Phi, Group CEO of Li & Fung and CEO of LF Logistics.
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