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Transport group shopping for partners after good profits

The Kühne and Nagel transport and logistics group says it expects profits this year to reach more than SFr110 million ($60 million). The company added that it also expects to make acquisitions in the United States.

The financial forecast was made in a statement on Thursday, which gave details of the company's performance for the first nine months of the year.

Net profit rose 23.7 per cent over the comparable period last year to SFr86.6 million, with all regions and business units contributing to the result.

The group said it was now focusing on the International Forwarding, Logistics, Supply Chain Management and Special Products business units.

"The increasing importance of the logistics to a key service provider of the global economy is in full swing. Therefore we are expecting an above average growth," said Klaus-Michael Kühne, executive chairman of Kühne and Nagel International.

The chief executive officer of K & N International, Klaus Herms, said the company's transformation from a traditional forwarder to a global logistic service provider was progressing rapidly.

The group confirmed its acquisition plans in the US but said details would be given in a month or two.

swissinfo with agencies


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