DP World acquires leading US-based supply chain solutions provider

DP World acquires leading US-based supply chain solutions provider - GCC Ports

DP World announces the acquisition of 100 per cent of syncreon for an enterprise value of US$1.2 billion. This transaction is subject to customary completion conditions and is expected to close in 2H2021.

syncreon is a US based global logistics provider that specializes in the design and operation of complex supply chains for the high growth automotive and technology industries. syncreon provides specialized value-added warehousing and distribution solutions through a variety of manufacturing, export packaging, transportation management, reverse/repair and fulfilment services.

syncreon has a global presence across 91 sites in 19 countries and services a large and diversified portfolio of customers made up of multinational companies. The group focuses on two key segments. Firstly, large technology customers to enable eCommerce and omni-channel fulfilment and aftermarket services, and secondly automotive companies for reception of materials, warehousing, inventory management, kitting/sequencing for line feeding, and export packaging. This is complemented by a growing presence serving customers in Consumer Goods, Healthcare and Industrial Markets. In FY2020, the group reported revenue of $1.1 billion with 57% generated in EMEA (predominantly Europe) and 42% in North America. syncreon has longstanding partnerships with customers averaging 18 years, and high contracts renewal rates.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are delighted to announce the acquisition of syncreon, which adds significant strategic value to DP World given its strong logistics solutions capability, and will allow DP World to deliver end-to-end solutions to cargo owners.

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