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Wed 23 Feb 2011 09:30 AM

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Dubai’s Aramex buys Ireland freight firm Aquaship Agencies

Deal marks the logistic firm’s third acquisition this month, following buyout of two Kenya companies

Dubai’s Aramex buys Ireland freight firm Aquaship Agencies
Aramex founder Fadi Ghandour. The firm is eyeing deals to build its European operations

Aramex, the Dubai-based logistics company, on Wednesday said it acquired Ireland liner agent and freight forwarder Aquaship Agencies to expand its freight capabilities in Europe.

Aramex did not provide a value for the deal, which it said signalled its intention to invest in partnerships to expand its European operations.

In a statement to Dubai bourse, Aramex said its existing customers in Ireland will have immediate access to new ocean freight capabilities through the Aquaship acquisition.

Earlier this month, the company acquired two courier firms in Kenya in a bid to build its coverage of lucrative emerging markets.

Aramex in January posted a full year net profit of AED204m, a rise of 11 percent compared to AED184.3m in 2009, but warned it expected tough conditions in 2011 as operating costs rise on higher fuel prices and inflationary pressure.

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