Logistics

ECU Worldwide buys controlling stakes in Hong Kong and Singapore logistics firms

P Manoj Mumbai | Updated on November 20, 2019

 

ECU Worldwide, a wholly-owned global subsidiary of Allcargo Logistics has acquired controlling stakes in Hong Kong based PAK DA (HK) Logistics Ltd and Singapore-based Spechem Supply Chain Management (Asia) Pte Ltd for an undisclosed amount, a top company executive said.

The acquisitions will strengthen ECU Worldwide’s reach in the Asia Pacific region and provide enhanced capabilities to support customers’ needs better.

ECU Worldwide is one of the world’s top less than container load (LCL) consolidators.

“These acquisitions are key to ECU Worldwide gaining strategic leverage and expanding its LCL outreach in the Asia-Pacific region,” said Shashi Kiran Shetty, Chairman, ECU Worldwide.

“With these additions to the ECU Worldwide portfolio, our position has become stronger in one of our strategic markets. These acquisitions continue to be in line with our vision of becoming a global leader in the LCL business and be known for pioneering solutions in logistics worldwide,” Shetty added.

The purchase of 75% stake in PAK DA (HK) Logistics will enable ECU Worldwide gain access to 50 export trade lanes and 20 import services. In addition, ECU Worldwide will also be able to expand its product offering and make inroads by connecting the Asia Pacific region with Europe.

The Singapore-based entity provides dangerous goods warehousing capabilities. Together, both companies offer an expansive business presence in vital trade routes. This enables ECU Worldwide to strengthen its regional presence in the key markets and gain a larger LCL market coverage.

Besides, ECU Worldwide has acquired management control of its local subsidiary in Bangladesh, one of the fastest growing economies in the region.

“This will enable ECU Worldwide to bring in greater synergies from its global operations to provide world-class freight solutions in ocean and air, along with specialized logistics solutions to customers in Bangladesh,” Shetty said.

Published on November 20, 2019

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