(By Balaseshan) C.H. Robinson Worldwide Inc. (NASDAQ:CHRW), which provides freight transportation services and logistics services, said it has agreed to buy Poland's freight forwarder Apreo Logistics S.A. for an undisclosed sum.
The acquisition of Apreo adds to C.H. Robinson's employee and management base in a key European market. Current CEO of Apreo, Arkadiusz Glinka, will continue in a similar role going forward.
"This acquisition expands C.H. Robinson's presence in Europe and supports our goals to strengthen our capabilities in our core business and further diversify our modal offering, both of which benefit our European and global customer base," said Bryan Foe, president of C.H. Robinson Europe.
The decision to acquire Apreo is the latest in a series of moves for C.H. Robinson in Europe. Previously, the company named Bryan Foe president of C.H. Robinson Europe and opened an office in Rotterdam, the Netherlands, which focuses on temperature controlled transportation.
Founded in June of 2007, Apreo provides truckload services including dry van and temperature controlled and liquid and dry bulk capabilities. To complement their truckload offering, the company also offers additional warehouse, air and ocean services.
Apreo has shown significant growth over the past several years, with current gross revenues over $100 million while servicing more than 2,000 customers. The company has over 300 employees in 21 offices in Poland and one office in Germany.
The closing of the transaction is conditional on clearance from the Polish Office for Competition and Consumer Protection.
CHRW is trading up 0.16% at $57.15 on Friday. The stock has been trading between $50.81 and $76.76 for the past 52 weeks.