KwaZulu-Natal Correspondent
DURBAN Spectrum Shipping has acquired Johannesburgbased group Infomax for an undisclosed sum in a move that expands the clearing and forwarding intermediary's penetration into the Gauteng market.
Effective May 1, the purchase was settled half in cash ands half in shares, subject to warrantees and a two-year employment agreement for key management.
Spectrum is an independent clearing and forwarding intermediary and service provider to local importers and exporters, offering a full cargo management service for shipments by sea, air, road and rail.
CE Glen Gerber said the acquisition was in line with its aim of being an independent and integrated international logistics solution provider.
Spectrum will diversify its client base and build on its forwarding ability while strengthening its strategic worldwide agency network. Infomax specialises in ocean and airfreight forwarding.
Gerber said the acquisition "significantly increased" market penetration in Gauteng, Infomax's largest internal market servicing industries using freight forwarding in Gauteng. The move also enhanced Spectrum's organic growth, by providing further opportunities to offer warehouse and transport solutions to clients.
Gerber expected to grow the Johannesburg office to 10% of group revenue in the next year.
Jun 02 2003 07:23:56:000AM Nicola Jenvey Business Day 1st Edition
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
