January 03, 2020: Dimerco, a Taiwan-based global transportation and logistics specialist has acquired a 25 percent stake in ITG Air & Sea GmbH, a newly founded subsidiary of Elanders. The new subsidiary business mainly stems from Elanders’ subsidiary ITG’s air & sea freight forwarding business, which in 2018 had a turnover of some EUR 74 million.
Dimerco also has the option to increase its stake to 49 percent after two years. Both the companies signed the agreement on September 3, 2019.
"We see enormous potential in the spin-off of our air and sea freight forwarding business and the cooperation with Dimerco,” said ITG managing director Holger Funk, who will also be responsible for ITG Air & Sea GmbH. In the new constellation, ITG will be able to concentrate even more on its core competencies in the air and sea freight sector. ITG’s parent company LGI Logistics Group International (LGI) can thus offer even better integrated logistics solutions in the sector fashion & lifestyle. In addition, the joint venture with Dimerco will increase growth opportunities and enable even better penetration of the Asian market, as well as increased negotiating powers towards the suppliers.”
Taipei Exchange-listed Dimerco has been providing professional services for nearly 50 years through strategic alliance with airlines and ocean liners, etc., based on the capability to integrate and streamline supply chain management process to help customer enjoy feasible logistics solution. Dimerco will adopt the business growth strategy focusing on the supply of far-reaching international logistics services by means of channel globalisation, product diversification, operation optimization, information centralisation and operation localisation, as well as applications of internet and IoT and construction of tangible and virtual channels.
The company has strategically placed a global network with extensive marketing & sales outlets in China and the Asia Pacific and key complementary operations in Europe and North America, totally covering 160 business locations in 16 countries generated $611.84 million in gross revenue in 2018.
ITG Air & Sea GmbH will continue to be managed by ITG and LGI.
As of January 03, Dimerco shares opened at 28.20, up compared to the previous session.