Kuehne + Nagel (K+N) said it has built up an acquisition kitty of nearly CHK400million (US$380million) for possible acquisitions to expand its overland network in Southern Europe. It had been following a strategy of expansion through acquisitions for several years, the Swiss company added. “For quite a while we have been looking at possible acquisitions in Southern Europe. This evaluation is ongoing, but there is nothing concrete to be reported by now,” K+N said.

Reports suggest it is looking to spend the money, which is roughly half of the cash reserve it had built up, over the next two-and-a-half-years. K+N saw accelerated growth in the second quarter of this year as turnover rose by almost 16 per cent, year-on-year, to CHK9.85 billion and net earnings by 8.9 per cent to CHK281 million in the first six months of 2010.

Growth in K+N’s air freight business was up by a record 31 per cent in the first half as volumes rose in all trade lanes, especially on routes to and from the Asia-Pacific region, while its contract logistics business saw turnover climb by 4.7 per cent year-on-year as warehouse use was optimised, especially in North America. Ocean freight was up 20 per cent in the same period.