December 7 - Wallenius Wilhelmsen Logistics ASA (WWL ASA) has signed an agreement to acquire 100 percent of the shares in USA-based Keen Transport.
WWL ASA will acquire the shares from Platinum Equity, an organisation that specialises in the mergers, acquisitions, and operations, for USD64 million, which includes 14 logistics facilities across the USA, plus a fleet of 143 trucks and 390 trailers.
Keen Transport, which was acquired by Platimum Equity in 2012, provides heavy-haul logistics and transportation services for the construction, mining, and agriculture equipment markets in the USA and operates 14 high and heavy equipment processing centres. The brand will be retained for now.
According to WWL ASA, the Pennsylvania-headquartered company provides value-added facility services, equipment modification, transportation and load consolidation for approximately 20 original equipment manufacturers (OEM).
"With Keen as part of our group we will become the clear market leader in the US high and heavy equipment processing space, positioning ourselves for the forecasted growth in this segment," says Craig Jasienski, president and ceo of WWL ASA.
WWL ASA says the increased footprint represents an opportunity to capitalise on the improving mining and construction sector in the USA, as well as substantiate a trend where more advanced work and services are performed at equipment processing centres - outsourced from OEM factories.
