In the first three months of 2019, Panalpina boosted its profitability by 15 percent compared to the same period of last year.

“We improved profitability despite a challenging market environment and during a time when considerable management resources were absorbed by the merger and acquisition topic,” said Panalpina ceo Stefan Karlen.

Karlen is referring to the acquisition of Panalpina by Denmark’s DSV, as HLPFI reported here. The company began its takeover bid in January 2019.

“Since the news of DSV taking over Panalpina broke, circumstances have changed. To give any sort of outlook is not only more challenging than ever before, but also constrained by legal restrictions,” added Karlen.

“However, Panalpina continues to conduct business as usual. We have continued to win new business after the transaction was announced and we are determined to keep doing so in the weeks and months ahead.”

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