foto: A.P. Moller - Maersk/Maersk announces the completion of the LF Logistics acquisition. What does it mean for the Asia-Pacific region?
Maersk announced on August 31 that it had completed the acquisition of Hong Kong-based contract logistics firm LF Logistics, which boasts strong capabilities in omnichannel fulfillment services, e-commerce, and inland transport across the Asia-Pacific region. As a result, LF Logistics will be rebranded as Maersk.
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Ditlev Blicher, Regional Managing Director of Asia Pacific at A.P. Moller – Maersk, expressed excitement over the acquisition, highlighting that Maersk historically focused primarily on ocean transportation out of Asia and related logistics services, whereas LF Logistics has deep expertise in omnichannel fulfillment and is well positioned to service the fast-growing consumer markets in Asia. The addition of LF Logistics will bring 223 warehouses to Maersk's existing portfolio, increasing the total number of facilities to 549 globally, spanning a total area of 9.5 million square meters.
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With over 10,000 employees and a comprehensive Pan-Asian network, LF Logistics is a leading supply chain partner for firms looking to grow in the Asia-Pacific region. The company specializes in B2B and B2C distribution solutions across retail, wholesale, and e-commerce, and boasts a track record of deep customer relations and operational excellence, which makes it an ideal partner for Maersk to expand within Asia-Pacific and globally.
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Joseph Phi, Group CEO of Li & Fung and CEO of LF Logistics, commented that the acquisition offers an ideal platform for the company's next phase of organizational expansion and development. He added that the unique and complementary strengths of the two firms will enable customers to achieve sustainable competitive advantages and employees to realize their full potential.
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As part of the acquisition, Maersk has entered into a strategic partnership with Li & Fung to develop a comprehensive range of end-to-end global supply chain services, with Li & Fung focusing on the upstream supply chain and Maersk focusing on the downstream supply chain. Additionally, following separate regulatory approvals, Li & Fung's parent company is expected to retain and continue building the carved-out GFM business. The transaction is valued at USD 3.6 billion and an earn-out with a total value of up to USD 160 million has been agreed upon for future financial performance.