FedEx to acquire Cargex, strengthens Latin American presence
FedEx will be acquiring Cargex, a freight forwarding company and a specialist in the transportation of perishable goods, headquartered in Bogota, Columbia.
September 03, 2019: FedEx Corp will be acquiring Cargex, a freight forwarding company and a specialist in the transportation of perishable goods, headquartered in Bogota, Columbia. The move strengthens Fedex's presence in Latin America's freight forwarding and customs brokerage sectors.
The deal, which expected to close later this year, will strengthen FedEx's airfreight forwarding and customs brokerage capabilities in Colombia and throughout Latin America. Upon closing, Cargex, which has operations in Bogota, Medellin, Cartagena, Buenaventura, and Santa Maria would operate as a subsidiary of FedEx Logistics.
Udo Lange, chief operating officer and incoming president and CEO of FedEx Logistics said, "This acquisition perfectly complements the round trip 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."
Cargex has over 25 years of experience focus on export management of perishable goods. FedEx will also acquire Agencias de Aduanas Aduanamos S.A. Nivel 2, an affiliate of Cargex that specialises in customs brokerage services.
Pablo Torres, general manager of Cargex said, "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."