Rhenus has continued its recent investment spree with the acquisition of Hungarian freight forwarder ITS Logistics Hungary KFT.
The Germany-headquartered firm said that the purchase would consolidate its foothold in Central-East Europe following the integration of Croatian logistics provider Trans Integral.
ITS Logistics Hungary KFT is based in Vecsés on the outskirts of the capital Budapest and is mainly focused on airfreight forwarding services and customs clearance operations.
It has been established for 10 years and also provides warehousing services to customers across various industries.
Seafreight, road freight and rail freight are also part of the service portfolio.
Rhenus said the two companies had been long-time partners before the deal.
Rhenus air & ocean Central-East Europe chief executive Patrick Schäffer said: “This move will enable us to better serve our customers’ needs, particularly in relation to airfreight services, while also expanding our reach in the Hungarian market.”
ITS Logistics Hungary KFT managing director Peter Kuzma added: ” We are keen on further developing the business and setting the stage for our customers, business partners and employees alike to grow as well.”
Although the acquisition is signed, a mandatory Foreign Direct Investments screening is still pending.
This is common in Hungary for acquisitions of this size and can take up to two months.
Earlier this month, Rhenus Group expanded its presence in Latin America with the purchase of BLU Logistics and the acquisition of a majority stake in LBH Group.
Rhenus targets nearshoring with LATAM investments
Rhenus looks to expand in the US with GNL acquisition
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