Cargex acquisition to generate growth opportunities in Latin America: FedEx
Aug 30, 2019: FedEx Corporation confirmed that it will acquire freight forwarding firm Cargex SA.
Headquartered in Bogota, Colombia, Cargex has operations in Bogota, Medellin, Cartagena, Buenaventura, and Santa Marta, and would operate as a subsidiary of FedEx Logistics upon closing.
In addition, it will also acquire Agencias de Aduanas Aduanamos SA Nivel 2, an affiliate of Cargex specialising in customs brokerage services.
The acquisition is expected to close later this year and is subject to customary closing conditions, as well as a Colombian regulatory filing.
This addition strengthens the FedEx air freight forwarding and customs brokerage capabilities in Colombia and the broader Latin American region.
“The addition of Cargex offers future growth opportunities in the Latin American region, a key market for us,” said Udo Lange, chief operating officer and incoming president and CEO, FedEx Logistics.
“This acquisition perfectly complements the roundtrip Colombia-to-Miami flight recently announced by FedEx Express. We will connect customers throughout the Latin American market with even more possibilities by combining world-class FedEx transportation solutions with a comprehensive line of logistics service offerings.”
“The Cargex team looks forward to joining FedEx and combining our experience with theirs to expand business opportunities in the Latin American region,” said Pablo Torres, general manager and Angela Torres, Commercial manager, Cargex.
“With this acquisition, we will have access to an even larger global network, allowing us to help customers reach even more markets around the world.”
In June this year, FedEx Logistics renamed Manton Air-Sea Pty Ltd, a freight forwarding and 3PL company it acquired in October 2018, as FedEx Logistics (Australia) Pty Ltd.
At the start of this year, FedEx Corporation announced the rebranding of FedEx Trade Networks Inc as FedEx Logistics.