DP World has acquired 100% of global logistics provider Syncreon for $1.2bn. US-based Syncreon specializes in the design and operation of supply chains for the automotive and technology industries. It provides value-added warehousing and distribution solutions through a variety of manufacturing, export packaging, transportation management, reverse/repair and fulfilment services at 91 sites in 19 countries. In FY2020, the company reported revenue of $1.1bn.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said Syncreon adds significant strategic value to DP World, given its strong logistics solutions capability, and will allow DP World to deliver end-to-end, value-add solutions to cargo owners.
The transaction is subject to customary completion conditions and is expected to close in the second half of 2021.