Penske Logistics and ABX Logistics have announced forming a new joint venture in Brazil, called ABX-Penske Air & Sea.
Penske and ABX will each hold a 50% stake in the joint venture, which will be headquartered at Penske’s South American base in Barueri, Sao Paulo..
This is the first joint effort between the two companies since they formed a strategic global alliance in September 2006 aimed at providing integrated global supply chain solutions for multinational corporations.
“We remain committed to expanding our capabilities and presence in Brazil to serve the growing needs of our customers in the South American marketplace,” said Vince Hartnett, president of Penske Logistics.
"This joint venture combines our strong freight forwarding capabilities and excellent global network with Penske’s expertise in logistics execution,” added Laurent Levaux, ABX’s CEO.