The Denmark-based global transport and logistics provider, DSV, have announced they have now completed their acquisition of the Swiss forwarding and logistics specialists, Panalpina.
Now the acquisition is complete, the previously announced board changes at Panalpina will come into effect: Kurt Kokhauge Larsen will become Chairman, and Jens Bjørn Andersen, Jens H. Lund and Thomas Stig Plenborg will be members of the Panalpina board, giving DSV full control over Panalpina.
DSV Chief Executive Officer, Jens Bjørn Andersen commented: “We are very excited to welcome Panalpina’s customers, employees and shareholders to DSV. Our two companies will achieve more together, creating even more value for all our stakeholders. The settlement of the deal marks the beginning of the integration process, during which we will strive to provide a high level of service our customers know and rely on.”
DSV A/S will change their registered name to DSV Panalpina A/S pending approval at the General Meeting, while all subsidiaries and operational activities will be united under the DSV name and brand.
Panalpina is one of the world’s leading supply chain solutions provider and employs over 14,500 logistics professionals in 70 countries. As a result of the acquisition DSV, DSV Panalpina now becomes one of the world’s largest transport and logistics companies with a workforce of over 60,000 employees in 90 countries and pro forma revenue of approximately 118 billion DKK.
It is expected the whole integration period will take approximately 2-3 years. However, they expect most of the operational integration to be completed by the end of the second year.
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