Wallenius Wilhelmsen buys Syngin Technology

Wallenius Wilhelmsen buys Syngin Technology

Norwegian vehicle logistics provider Wallenius Wilhelmsen has entered into an agreement to acquire 70% of the membership interest in US logistics solution provider Syngin Technology for an initial purchase price of $22m.

Syngin is a provider of automated logistics solutions for disposition of used vehicles through an electronic marketplace currently operating in the US and Canadian market.

Wallenius Wilhelmsen said the acquisition of Syngin marks the company’s entry into the full life cycle logistics space and lays a solid foundation for growth and the company believes the combined strength of the two firms represents a significant opportunity to scale the business.

“The future of logistics lies in combining digital services, physical assets and a deep understanding of logistics flows. With Syngin we boost our digital capabilities, setting us up to better support the changes we see in our customers’ needs for the future,” said Craig Jasienski, president and CEO of the Wallenius Wilhelmsen Group.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts