Globe Express Services (Overseas Group) Launches Joint Venture with ITSA (Italy)
Globe Express Services® (Overseas Group), one of the world’s top 100 global logistics providers, recently finalized an historic joint venture (JV) with International Transport Services Associated (ITSA). Headquartered in Rome, Italy, ITSA has spent over 33 years as a leading international air and ocean freight forwarder. Today, the company ranks fourth in Italy in terms of volume on Asia-Italy trade, operating branch offices in Milan, Venice, Taranto, Pomezia, Civitavecchia and Bari, as well as its own warehouses in Rome and Milan. With the acquisition, GES increases its global network to 56 corporate offices worldwide, reflecting the company’s commitment to working with the right people in the right places to support its growth plans.
In 2011, Italy boasted the world’s eleventh largest economy in terms of purchasing power, with an estimated gross domestic product (GDP) of USD $1.826 trillion. The national economy is driven in large part by the manufacture and export of high-quality consumer goods, including textiles, apparel, footwear, motor vehicles, food and beverages. However, in the aftermath of the 2008 euro-zone crisis, the Italian import market continues to suffer from low domestic consumption. Despite these challenging economic factors, ITSA has managed to maintain its position and market share, especially with regard to trade between Italy and the Asia Pacific and India.
Gilbert Khoury, GES Chairman, characterized the joint venture by saying, “This agreement represents a highly strategic opportunity for GES to partner with a professional and well regarded company in a key global market. This acquisition not only expands our office network in Europe, but extends to the Italian market key service segments (air freight, warehousing, consolidation services) already provided by GES France and GES Switzerland. In addition, we are strengthening our global footprint and product offering in relation to the fashion and apparel industry.”
Vincenzo Cuffaro, President of ITSA, added: “We strongly believe that the JV will benefit both GES and ITSA. From ITSA’s point of view, we will gain access to new markets and increase our export business, which are two of our main strategic objectives. We will also gain a broader corporate vision and access to a more complete support network, which will help expand and further improve our business model.”
This joint venture comes as part of GES’ long-term growth strategy and constant commitment in striving to provide comprehensive solutions to customers worldwide. With the JV, distinct capabilities have been combined to positively enhance customer service and logistics efficiencies.
In 2011, Italy boasted the world’s eleventh largest economy in terms of purchasing power, with an estimated gross domestic product (GDP) of USD $1.826 trillion. The national economy is driven in large part by the manufacture and export of high-quality consumer goods, including textiles, apparel, footwear, motor vehicles, food and beverages. However, in the aftermath of the 2008 euro-zone crisis, the Italian import market continues to suffer from low domestic consumption. Despite these challenging economic factors, ITSA has managed to maintain its position and market share, especially with regard to trade between Italy and the Asia Pacific and India.
Gilbert Khoury, GES Chairman, characterized the joint venture by saying, “This agreement represents a highly strategic opportunity for GES to partner with a professional and well regarded company in a key global market. This acquisition not only expands our office network in Europe, but extends to the Italian market key service segments (air freight, warehousing, consolidation services) already provided by GES France and GES Switzerland. In addition, we are strengthening our global footprint and product offering in relation to the fashion and apparel industry.”
Vincenzo Cuffaro, President of ITSA, added: “We strongly believe that the JV will benefit both GES and ITSA. From ITSA’s point of view, we will gain access to new markets and increase our export business, which are two of our main strategic objectives. We will also gain a broader corporate vision and access to a more complete support network, which will help expand and further improve our business model.”
This joint venture comes as part of GES’ long-term growth strategy and constant commitment in striving to provide comprehensive solutions to customers worldwide. With the JV, distinct capabilities have been combined to positively enhance customer service and logistics efficiencies.