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BASEL: April 23, 2019. Panalpina has acquired Colombia-based CargoMaster, one of Latin America’s largest flower exporters to the US, and its subsidiary Laseair based in Ecuador. Terms of the purchase, which is subject to regulatory approval, are not disclosed.

panalpina 747 8“The acquisition will make us the undisputed perishables market leader in Colombia and Latin America and strengthen our position in Ecuador,” said Panalpina CEO Stefan Karlen. “As we continue to expand the perishables business in this part of the world, we also see great development opportunities for our charter network with its gateway in Huntsville, Alabama.”

CargoMaster was founded in 1987 and has facilities in Bogota, Medellin, Quito, Santiago de Chile and Miami.

“In the last 32 years we have catapulted ourselves to the top of the Colombian air freight market and built a very strong brand in the region and our industry. I am very proud of these achievements and the employees that made it all possible,” said Felipe Sanchez, CargoMaster founder and CEO. “By going together with Panalpina with its strong heritage in Latin America, we have the opportunity to become part of an even bigger success story in the perishables industry.”

Panalpina aims to be the preferred global supplier of perishables logistics by 2020, offering customers in both origin and destination countries complete end-to-end solutions on a global scale. The company’s perishables network originated in Latin America and now spans 30 countries.

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