Another acquisition for DP World
It is the next coup in the logistics sector: DP World is purchasing all the shares of Syncreon for an enterprise value of USD 1.2 billion. Syncreon is a US global logistics provider that was formed in 2007 when Dublin-headquartered Walsh Western International bought TDS Logistics, headquartered in Atlanta.
Currently, the company has a global presence at 91 sites in 19 countries. The two main pillars of the business are e-commerce and omni-channel fulfilment and aftermarket services for technology customers and receiving materials, warehousing, inventory management, kitting/sequencing for line feeding and export packaging for automotive companies.
This is complemented by an extension of the customer base in the verticals consumer goods, healthcare and industrial markets.
In 2020, the group reported a revenue of USD 1.1 billion, with 57% generated in Emea (predominantly Europe) and 42% in North America. The transaction is subject to customary completion conditions and is expected to close in Q2/2021. (sh)