UAE – Mubasher: DP World has fully acquired Syncreon, a US-based global logistics provider, in exchange for $1.2 billion.
Expected to close during the second half (H2) of 2021, the transaction is subject to customary completion conditions, according to a press release on Thursday.
With a presence in 91 sites across 19 countries, Syncreon specialises in the design and operation of complex supply chains for the automotive and technology industries.
The US-based company offers value-added warehousing and distribution solutions through manufacturing, export packaging, transportation management, reverse and repair, and fulfilment services.
To be funded from existing available resources, the acquisition will enable DP World to deliver end-to-end solutions to cargo owners.
The Group Chairman and CEO of DP World, Sultan Ahmed bin Sulayem, said: “Syncreon's complex solutions capability brings strong long-term relationships with cargo owners, which fits with DP Worlds vision to provide smart tech-led supply chain solutions to enable trade across key markets.”
Meanwhile, the CEO of Syncreon, Brian Enright, commented: “We share the vision of serving our customers through removing inefficiencies and delivering value-added solutions. While we have enjoyed great success over the years, we believe being part of DP World will enable us to take the business to other markets.”
