Allcargo, Ecu Line parent, buys Econocaribe
Mumbai, India-based Allcargo Logistics, the parent company of Ecu-Line, said it had acquired a 100-percent interest in Econocaribe Consolidators.
John Abisch, president of Econocaribe, said
“Myself and the Econocaribe family look forward to joining the Ecu team.
Econocaribe has had the pleasure to be the USA agent for Ecu for a
number of years and I am confident our philosophies are aligned which
should make for a smooth transition. I expect both organizations will
benefit from joining forces and allow us to provide a great environment
for our employees and great service to our clients.”
Allcargo said Econocaribe is the third largest non-vessel-operating common carrier in the United States. Based in Miami, Econocaribe has nine offices in the United States and 22 receiving terminals throughout North America, as well as partners across the world. Econocaribe provides freight consolidation and full-containerload services to Latin America, the Caribbean, Europe, the Mediterranean, the Middle East, Africa and Asia. The NVO also offers import LCL/FCL transportservices into the United States and Puerto Rico.
Allcargo said the acquisition "enables Ecu Line to complete its service offerings, both in terms of global capabilities and coverage. The acquisition also increases Ecu’s foot hold in the U.S. market – which, as we all know, is the number one economy in the world."
Shashi Kiran Shetty, executive chairman Allcargo Logistics and Antwerp, Belgium-based ECU Hold NV, said “Econocaribe has been our partner in the U.S. and we have worked very closely with them. They have an extremely efficient and capable management team that has taken the company to being amongst the top NVOCCs in the U.S. I am very happy that now they are a part of our family and we have now become truly a global MNC, which is a dream achieved”.
Allcargo Logistics, part of The Avvashya Group, provides integrated logistics solutions. It operates out of 190 owned offices in 90 countries and is supported by a large network of franchisee offices across the world.
Allcargo is a publicly listed company (on the Bombay stock exchange) and had revenue of 9.92 billion rupees ($158 million) in the quarter ending June 30. The company said it has "an ambition to be a billion dollar enterprise by 2014."
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