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DP World in $1.2B logistics acquisition in USA

News
01 Jul 2021
by WCN Editorial

Dubai state-owned port operator DP World said on Thursday it had acquired U.S.-based global logistics firm Syncreon for an enterprise value of US$1.2B

DP World in $1.2B logistics acquisition in USA
DP World is purchasing 100% of syncreon . The transaction is subject to “customary completion conditions” and expected the transaction to close in 2H2021.



Syncreon is a US based global logistics provider that specialises in the design and operation of complex supply chains for the high growth automotive and technology industries. It has a list of bluechip clients in the automotive sector, but less than two years ago syncreon was regarded a “distressed” company. It underwent an unusual restructuring for a US company where its debt was reorganised using English schemes of arrangement that resulted in a US $690 million reduction of syncreon’s $1.1 billion debts and the company’s lenders owning over 90% of its equity. They have been looking to sell since early 2021.



For DP World syncreon brings access to two key market segments: “Firstly, large technology customers to enable eCommerce and omni-channel fulfilment and aftermarket services, and secondly automotive companies for reception of materials, warehousing, inventory management, kitting/sequencing for line feeding, and export packaging. In FY2020, the group reported revenue of $1.1 billion with 57% generated in EMEA (predominantly Europe) and 42% in North America. DP World noted that syncreon h”as longstanding partnerships with customers averaging 18 years, and high contracts renewal rates”.



Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World said: “We are delighted to announce the acquisition of syncreon, which adds significant strategic value to DP World given its strong logistics solutions capability, and will allow DP World to deliver end-to-end solutions to cargo owners.



“Syncreon’s complex solutions capability brings strong long-term relationships with cargo owners, which fits with DP Worlds vision to provide smart tech-led supply chain solutions to enable trade across key markets. Syncreon’s exposure to the sizeable, fast-growing technology and automotive industries offers significant growth opportunities over the medium to long term. We aim to build on this platform to deliver greater scale and provide compelling value add supply chain solutions to cargo owners across a wider market.”



DP World will fund the acquisition through its existing resources. “DP World continues to make positive progress on its capital recycling programmes and remains fully committed to its leverage target of below 4.0x Net Debt/EBITDA by the end of 2022,” the company stated.



“We are excited to join the DP World group as we believe that syncreon will benefit from the group’s significant expertise in the wider supply chain and excellent relationships with cargo owners,” said Brian Enright, CEO of syncreon. “We share the vision of serving our customers through removing inefficiencies and delivering value add solutions. While we have enjoyed great success over the years, we believe being part of DP World will enable us to take the business to other markets”.

Source: worldcargonews.com

Gothenburg logs 4% increase in box cargo in H1 2020
News by WCN Editorial

Despite the pandemic, lo-lo container traffic increased by 4% to 401,000 TEU, while energy products traffic grew by 22% to 11.8 Mt. However, traffic fell back in Q2

Gothenburg logs 4% increase in box cargo in H1 2020
The container numbers indicate the relative resilience of the Swedish economy. Although it slowed down due to Covid-19, Sweden did not lock down so deepsea traffic remained reasonably strong and no calls were cancelled by mainline vessels. Feeder traffic frequency was also maintained and there was an increase in the size of the feeder vessels during the period. However, the general European lockdowns starting at various stages in March took their toll, as the port previously reported an 8% increase in Q1 2020 lo-lo container traffic.

Despite the lower traffic in Q2, the rail shuttles maintained their momentum on a net basis, with rail-borne container volumes up 2% for the half as a whole, taking it above the 60% mark, easily the biggest share for rail of any European seaport. In cooperation with a number of Swedish inland railheads, the port was able to offer more storage space for importers during the worst days of the slowdown.

As one would expect, the general ro-ro sector, comprising intra-European and North American traffic, was down. The number of units fell 13% to 252,000, although the port says the major downturn was in April and May and there was a good recovery in June. On top of that, new vehicles traffic was down by 23% to 103,000 units, reflecting the slump in vehicle sales due to the pandemic.

The cruise season in Europe came to a virtual standstill due to the pandemic and all calls to Gothenburg during the first half of the year were cancelled. The number of ferry passengers fell by 56% to 310,000, although an upturn in interest in travel by ferry was noted towards the end of June.

The new SVEA forest products terminal is now expected to enter service in September/October this year.

CMA CGM has just launched a new weekly feeder service between Gothenburg and Hamburg, using a 1,000 TEU vessel.

Source: worldcargonews.com