[photopress:logistics_Tarek_Sultan_Al_Essa.jpg,full,alignright]Agility, the Middle East’s largest logistics company, is thinking about acquisitions in China.
Managing Director of the Kuwait-based logistics giant, Tarek Sultan al-Essa, seen in our illustration, said in an interview with Bloomberg at the World Economic Forum in Davos, Switzerland, ‘We’re very bullish on China because it’s critical to our customers to have a strong China presence.’
Agility is part of a group led by DynCorp International Inc. that won a $50 billion contract to provide cargo shipping, storage and fuel distribution services to the U.S. Army.
In China it is intended that acquisitions this year will help boost Agility’s annual sales in China to $1 billion in two years from about $300 million now.
The company operates in 36 Chinese cities and wants to expand geographically, he said, without specifying the names or size of any possible targets.
At the same time Agility has signed a deal with Aker Kvaerner, Norway’s leading engineering, procurement and construction firm to basically handle all of its logistics.
Agility’s sales rose to about $6 billion in 2007 from $5 billion a year earlier and emerging-markets expansion will help boost sales to more than $7 billion in 2008.
Source: AHN