Swiss-based logistics giant Kuehne+Nagel is expanding its perishables network to and from South Africa, the UK and Kenya with the acquisition of Johannesburg-based freight forwarder Morgan Cargo for an undisclosed sum.
Established in 1993, Morgan Cargo changed its core airfreight focus to include ocean freight service delivery in 2000. The reefer specialist employs more than 500 staff in South Africa. In 2022 the company handled more than 40,000 tonnes of air freight and more than 20,000 teu of sea freight globally.
Subject to customary closing conditions, including clearance by the competent merger control authorities, the transaction is expected to close in the third quarter of 2023.
“Expansion in high-growth markets such as Africa clearly ties into our Roadmap 2026 and reinforces our commitment to the Middle East and Africa Region. We have been active in Africa for many years, but this acquisition is an ideal addition to our regional presence,” said Yngve Ruud, a member of the management board of Kuehne+Nagel.
