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Expolanka acquires three US logistics firms for US$ 2.2mn

15 March 2021 09:23 am - 0     - {{hitsCtrl.values.hits}}

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  • Purchase would help the firm to expand operations out of JFK
  • Expolanka launched its new JFK office towards end of last year

EFL Global LLC – USA, a fully owned subsidiary of Sri Lanka’s Expolanka Holdings PLC acquired three logistics companies in the United States (US) for US$ 2.2 million to expand its logistics operations based out of New York’s John F. Kennedy (JFK) International Airport.


In a market disclosure last week, Expolanka revealed that its subsidiary acquired 100 percent stakes in New York- based Seville Container Freight Station, Inc., Seville Freight Systems Inc., and Seville Transfer Ltd. for a purchase consideration of US$ 2.2 million on March 1, this year.


“Seville is a Bonded Container Freight Station (CFS) and a Bonded Trucking company located in the strategically important John F. Kennedy Airport in the United States of America,” it said.
Towards end of last year, Expolanka launched its new JFK office and facility in a grand opening event.


Seville Container Freight Station Inc. is categorised as a general warehousing and storage firm while Seville Freight Systems is categorised as a transportation consultant, and Seville Transfer Ltd. as a local general freight trucking firm.


“These are critical additions to our bonded warehouse, storage and transportation capabilities out of New York’s John F. Kennedy International Airport. The acquisition allows us to provide even more space and solutions for our customers, an end-to-end service opportunity based out of the highly demanded JFK,” Expolanka stated on its social media channels. The firm noted that it would continue to grow its logistics capabilities in the Americas.


Last year, Expolanka said investments in the US had started to generate desired returns under its consistent strategy adopted with focused initiatives.


Expolanka had a footprint in 23 countries offering trade connectivity across all major global trade routes through over sixty origin stations allowing consumer markets in the US and Europe to connect to manufacturing centres in Asia, Africa and the Middle- Eastern regions, as at end-March 2020. New origin stations were established in Netherlands, Denmark and Belgium as part of the European expansion strategy. 

 

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