October 20, 2021

Shipping giant Maersk buys e-commerce firms

Danish maritime transport giant Maersk said Friday it was buying two e-commerce companies as surging demand for shipping led to another bumper profit in the second quarter.

The group is acquiring Visible Supply Chain Management, a US e-commerce logistics provider valued at $838 million, and B2C Europe, which specialises in cross-border parcel delivery services and is valued at $86 million.

“Our earnings and cash flow enable us to further accelerate our transformation, invest in growing the business, also through targeted acquisitions,” chief executive Soren Skou said in a statement.

“These two companies will further accelerate our logistics growth particularly in e-commerce by adding technology and last mile delivery capabilities for our customers in the United States and Europe.

“Maersk’s net profit rose to $3.7 billion between April and June, a nearly ninefold…

Read full article here: www.thedailystar.net