ECU Worldwide, operating under Allcargo Belgium NV., a wholly-owned subsidiary of Allcargo Logistics, and a global multi-modal logistics major and the world’s leading player in Less-than Container Load (LCL) consolidation, and Nordicon, the leading ocean freight consolidator in the Nordic region with near 40% market share in the LCL segment, today announced a global partnership agreement. This partnership creates a holding company, where ECU Worldwide will hold a 65% stake and 35% by the present owners of Nordicon. As a result, the business will continue to operate under the existing Nordicon name without disruptions and with expanded global capabilities.
The partnership agreement brings together two leaders in the fast-growing global LCL segment, which creates a better platform to grow in both ocean LCL/FCL and rail freight across Europe. This move will help Freight Forwarders looking at flexible and time-bound logistics solutions for the Nordic region. This global partnership will create opportunities for sustainable growth for Nordicon within the ECU global network while ECU builds its global strength in the Nordic region. It will allow both partners to have a common focus on global accounts. Nordicon will continue using its existing customer service platform, My Nordicon, and integrate it into ECU Worldwide’s global tech network for a seamless transition.
Shashi Kiran Shetty, Chairman, Allcargo Logistics, ECU Worldwide and Gati Ltd., said, “The acquisition of Nordicon is in line with our vision of consolidating our market leadership and partnering with entrepreneur-led companies that allow us to expand to new territories, led by a capable team to drive our digital aspirations. In addition, the combination of our global networks and industry competencies will offer long-term value creation and help us to continue to remain dedicated to exceed client expectations.”
Speaking on the partnership agreement, Tim Tudor, CEO, ECU Worldwide, said, “Nordicon has built a high-performance business driven by strong entrepreneurial energy. The strategic and culture fit with ECU Worldwide are key reasons for this partnership. We recognize that Nordicon as the market leader in the Nordic region will add value to ECU Worldwide’s global network. In addition to expansion in an important market, this partnership allows us to expand our multi-modal offering through rail freight consolidation across Europe.”
Commenting on the partnership, Linus Ahlm, CEO, Nordicon Group, said, “Nordicon has decided to change global network to ECU Worldwide to create the best opportunities for sustainable growth in the future and are very happy to commit to this long-term partnership. The global strength of ECU Worldwide is a perfect match with Nordicon’s leading position in the Nordics, which will add value to our people and customers. We were attracted by the complementary strengths and the common focus on digital innovation to drive leadership through this partnership. We will be stronger and better together.”
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