The Swiss logistics provider Kuehne+Nagel today announced it had acquired a majority stake in the Tennessee-based marine drayage firm IMC Logistics, saying the deal will strengthen its intermodal sea logistics offering in the U.S. by adding yard operations in key port and rail hubs.
Terms of the deal were not disclosed, but Kuehne+Nagel bought a 51% stake of privately held IMC, which is a longtime partner of the company.
IMC says it specializes in comprehensive end-to-end transportation solutions to or from seaports or rail hubs, customer facilities and inland in the United States. The firm’s network of 49 locations handles 2 million twenty-foot equivalent units (TEUs) annually in intermodal drayage and rail operations. IMC employs around 1,700 people and earned revenue of around $800 million in 2023.
According to Kuehne+Nagel, the move ensures flexible transportation solutions in times of increasing supply chain disruptions throughput its network of almost 1,300 sites in close to 100 countries and some 80,000 employees.
“The Kuehne+Nagel strategy is based on organic growth supported by targeted bolt-on acquisitions. Asia and North America are the key growth markets for our business, where we have established a leading position which we systematically expand,” Joerg Wolle, chairman of the board of directors of Kuehne+Nagel International AG, said in a release. “With IMC in the USA as with the acquisition of Apex in Asia, we do rely on long term partnerships. This reduces the acquisition risk, ensures quick success by deepening an already rewarding cooperation. Acquiring a majority stake in IMC represents another important strategic step.”
