Wednesday, Dec 14, 2011
DUBAI (Zawya Dow Jones)--Kuwait-based logistics company Agility and European dry bulk chemicals logistics provider Schmidt Heilbronn said Wednesday they launched a joint venture, Samel, to provide dry bulk solutions across the region.
The joint venture combines Schmidt Heilbronn's specialized expertise in bulk polymer logistics with Agility's global logistics network, strength in emerging markets and in-house chemicals specialty, the companies said in a joint emailed statement.
Samel will focus on the Middle East and other major developing economies, the statement said.
"Schmidt and Agility are delivering the right solution to the market at the right time," said Andrew Jackson, Agility Chemicals' president and chief executive officer. "We now have everything we need under one roof to meet customer needs across the Middle East and beyond--including tailored financing packages, turnkey construction and modern, reduced carbon footprint freight methods."
Agility posted a 42% slide in third-quarter net profit as revenues from its freight forwarding business declined and an ongoing row with the U.S. government over food supply contracts remains unresolved.
Agility shares are trading down 1.3% at KWD0.385 on Kuwait stock market.
-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; brinda.darasha@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
14-12-11 0843GMT
