Shipping giant A.P. Moller-Maersk has acquired two e-commerce logistics companies, as part of its ongoing strategy to expand beyond sea freight.
Maersk has bought the US company Visible Supply Chain Management LLC, and the Dutch company B2C Europe. Together they are valued at almost $1 billion.
The shipping company has made a string of acquisitions off the back of strong earnings due to high shipping volumes after the lifting of lockdown restrictions. CEO Soren Skou said the company had “quite a substantial war chest”.
In the second quarter, Maerk’s revenue increased 58% from the year before, to more than $14 billion, while earnings before interest, taxes and non-cash expenses exceeded $5 billion.
Maersk has also made recent investments in warehousing, customs brokerage and trucking, with a view to shifting its attention from port-to-port to door-to-door services, which require new capabilities on shore.
Skou said the company hopes to announce even more acquisitions by the end of the year.
Source: The Wall Street Journal
Header image: Galen Crout