Schneider Logistics is selling its freight forwarding and customs brokerage business in the US and China to European logistics provider Norbert Dentressangle. The sale, which includes seven locations in the US and two in China, and is estimated to have annual sales of $29m, is expected to be complete by the beginning of October.
It does not affect Schneider Logistics’ other international supply chain services, including transloading, warehousing, distribution, port dray services, inland logistics management, supply chain management, brokerage or domestic China transport services.
“As we continue to refine our Enterprise strategy, it has become clear that while freight forwarding and customs brokerage is an exciting business with significant potential, it is not part of the strategic focus on our core truckload, logistics and intermodal services,” said Schneider CEO and president Chris Lofgren in a statement.
According to Norbert Dentressangle’s CEO François Bertreau, all of the company’s activities grew in the first half of 2010, with transport revenue recovering as early as Q1 and logistics revenue returning to the Q2 2009 level in the second quarter of 2010.
“The acquisition of Schneider Logistics freight forwarding activities, now under way, strengthens the development of our new freight forwarding business and gives us immediate access to the key continents of North America and Asia. According to a sound balance sheet and competitive operating resources, we are poised to take advantage of any market uptrend."