DP World expands automotive logistics with CFR Rinkens acquisition
DP World, the prominent figure in global supply chain solutions, has acquired Long Beach, California-based logistics specialist, CFR Rinkens. This acquisition not only cements DP World’s footprint in the automotive sector but also accentuates its commitment to sustainable energy and electric vehicle transition.
Broadening Horizons in Automotive Logistics
With DP World already handling 10% of all new cars shipped worldwide, this acquisition further complements its wide array of services. Known for its expertise, CFR Rinkens delivers specialized solutions, including containerized finished vehicles logistics and advanced racking systems. This integration equips DP World to navigate the automotive industry’s shifting landscape towards electric vehicles and sustainable energy.
Furthermore, CFR Rinkens’ rich experience bolsters DP World’s offerings in emerging sectors like energy storage and battery life cycle logistics, ensuring adaptive solutions for their diverse clientele.
Beat Simon, DP World’s Global Chief Commercial Officer, expressed his enthusiasm, stating: “We are thrilled to welcome CFR Rinkens into the DP World family. Our combined capabilities will empower our automotive clients to navigate the challenges presented by the industry’s shift to electric vehicles and the emerging green energy revolution.”
Christoph Seitz, at the helm of CFR Rinkens, resonated with the sentiment: “We look forward to joining forces with DP World and foresee substantial growth opportunities ahead. Our shared vision revolves around redefining customer experiences. Integrating with DP World will empower us to expand into new markets and elevate our service offerings.”
A Glimpse into DP World’s Automotive Network
Leveraging its advanced technology and vast global logistics network, DP World stands as a transformative force in the automotive industry. The conglomerate’s expansive ‘roll-on-roll-off’ (Ro-Ro) network efficiently moves vehicles worldwide. Annually, they handle 2 million car equivalent units, ship over 30,000 cars in containers, and store over a million cars in their strategic facilities.
Closing the update, the financial advisory services for CFR Rinkens are led by Cascadia with Rutan & Tucker acting as the legal guidepost. While the financial intricacies of the deal remain under wraps, the acquisition is pending customary approvals.