- Value of acquisition deal was not disclosed
- Afifi has been Panalpinas local partner for 20 years
- It is a family-owned company with 150 staff
Swiss logistics firm Panalpina has acquired its Egyptian partner, Afifi.
The value of the 100 per cent acquisition deal was not disclosed.
Afifi, a freight-forwarding, customs clearance and logistics company, has been Panalpinas local partner for 20 years.
It is a family-owned company with 150 staff. It will be totally absorbed into Panalpina.
Egypt has a large population and a sizeable middle class, in addition to being the regional base for numerous international companies, said Peter Triebel, Middle East CEO for Panalpina, in a press release. Now, political reforms are under way to strengthen the economy and improve the investment climate. Add a freight forwarding market that is very fragmented and we have ample opportunity for growth.
Panalpinas share price on the Six Swiss Exchange fell by about 1 per cent following the news.