Strategic acquisition in USA for Kuehne Nagel Group
TheKuehne + Nagel Grouphas entered into an agreement to acquire 100 percent of the shares of ReTrans I...
The Kuehne + Nagel Group has entered into an agreement to acquire 100 percent of the shares of ReTrans Inc, a USA-based leading provider of multimodal transportation management solutions. The acquisition builds on Kuehne + Nagel’s overland strategy and will significantly strengthen the company’s position as an end-to-end logistics provider in North America.
Founded in 2002 and headquarted in Memphis Tennessee, ReTrans ranks among the leading US non-asset brokerage providers of intermodal transportation, as well as full and less-than-truckload (FTL and LTL) services in the United States and Canada. With more than 300 employees the company operates in 68 locations and generates annual revenues exceeding $500 million.
Dr Detlef Trefzger, CEO of the Kuehne + Nagel Group, said: “The transaction with ReTrans underlines our strategy to grow organically and through complementary acquisitions. Our customers will benefit from comprehensive end-to-end supply chain solutions in North America. Combined with our strong seafreight, airfreight and contract logistics operations, this transaction will accelerate our growth.”
The transaction is still subject to approval by the competent U.S. regulatory authorities. Both parties agreed not to disclose the purchase price.
Stefan Paul, Executive Vice President Overland, added: “By acquiring ReTrans we obtain expertise in intermodal transportation with direct access to the most important North American railroad companies, an innovative LTL brokerage business and a platform to provide managed transportation services.”
With over 63,000 employees at more than 1000 locations in over 100 countries, the Kuehne + Nagel Group is one of the world's leading logistics companies. Its strong market position lies in the seafreight, airfreight, contract logistics and overland businesses, with a clear focus on providing IT-based integrated logistics solutions.
“We are excited and looking forward to significantly growing our business with ReTrans and Kuehne + Nagel’s customers”said David Wedaman, President of ReTrans, who will take over the combined responsibility for the ReTrans and Kuehne + Nagel overland business in the USA “Our customers will be pleased with the access to Kuehne + Nagel’s global network and to take advantage of the expanded range of services.”
Further information can be found at:- http://www.kn-portal.com/about_us/media_relations/news/show/?tx_knnews_pi1%5Buid%5D=4895&cHash=8a57895669ff8cd824d9b936eac90004
Elon Musk's Boring Co. planning wider tunnels for freight
Elon Musk’s drilling outfit The Boring Company could be shifting its focus towards subterranean freight and logistics solutions, according to reports.
A Boring Co. pitch deck seen and shared by Bloomberg depicts plans to construct wider tunnels designed to accommodate shipping containers.
Founded by Tesla CEO Musk in 2016, the company initially stated its mission was to offer safer, faster point-to-point transport for people, particularly in cities plagued by traffic congestion. It also planned longer tunnels to ferry passengers between popular destinations across the US.
The Boring Co. completed its first commercial project earlier this year in April. The 1.7m tunnel system is designed to move professionals between convention centres in Las Vegas using Tesla EVs. It says the Las Vegas Convention Centre Loop can cut travel time between venues from 45 minutes to just two.
Boring Co.'s new freight tunnels
The Boring Co.'s new tunnel designs would allow freight to be transported on purpose built platforms, labelled as “battery-powered freight carriers”. The document shows that, though the containers could technically fit within its current 12-foot tunnels, wider tunnels would be more efficient. Designs for a new tunnel, 21 feet in diameter, show that they can comfortably accommodate two containers side-by-side, with a one-foot gap between them.
The Boring Co.’s new drilling machine, dubbed Prufrock, can tunnel at a rate of one mile per week, which is six times faster than its previous machine, and is designed to ‘porpoise’ - mimicking the marine animal by ‘diving’ below ground and reemerging once the tunnel is complete.
Tesla’s supply chain woes
Tesla is facing its own supply chain and logistic issues. The EV manufacturer has raised the price of its vehicles, with CEO Musk confirming the incremental hike was a result of “major supply chain pressure”. Musk replied to a disgruntled Twitter user, confused as to why prices were rising while features were being removed from the cars, saying the “raw materials especially” were a big issue.
Car manufacturing continues to be one of the industries hit hardest by a global shortage in semiconductor chips. While China’s chip manufacturing levels hit an all-time high in May, and the US is proposing a 25% tax credit for chip manufacturers, demand still outstrips supply. Automakers including Volkswagen and Audi have again said they expect reduced vehicle output in the next quarter due to a lack of semiconductors, with more factory downtime likely.
Top Image credit: The Boring Company / @boringcompany