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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button