There are a series of concrete goals in the comprehensive logistics agreement between Vestas and DSV Panalpina, says Vestas' global supply chain chief in an interview with ShippingWatch. Efficiencies represent just one of these goals.
DSV Panalpina's new major transport deal with Vestas excludes other freight forwarders from being commissioned for work by the wind turbine manufacturer. DSV is already in dialog with other companies about similar deals, explains CEO Jens Bjørn Andersen in an interview with ShippingWatch.
DSV Panalpina's share price increased the most in 2019 when comparing with the other shares on the Danish C25 index, which covers the most traded shares on Nasdaq Copenhagen. The increase is almost 80 percent.
A number of Panalpina employees in Switzerland have contacted DSV's major shareholder the Ernst Göhner Foundation in a dispute about major layoffs. The hope is that the foundation can help the employees ensure better severance packages. The dispute especially concerns financial compensation.
DSV's next acquisition target could very well be a Deutsche Bahn-owned road transporter, according to investment bank. But the logistics giant must first remove a massive barrier before road acquisitions become relevant, says chairman.
Like its competitor Kuehne + Nagel, DSV sees a growing number of customers demanding greener transport solutions – but the increase as well as possibilities are limited. "We offer customers the possibilities that are in the market," says CFO Jens Lund.
DSV plans to close Panalpina's Italian division and layoff 136 people. In protest, the Italian employees strike all day today, Friday. This comes only a few days after DSV announced layoffs at Panalpina's old headquarters in Switzerland.
Logistics company DSV starts executing on the majority of the heralded layoffs at Panalpina's headquarters in Switzerland, the company informs ShippingWatch. This happens despite management and employees disagreeing on the terms of the dismissals.
With the Panalpina acquisition in the bag, DSV now needs to become better acquainted with its acquisition. This includes Panalpina's perishables business, something DSV only has little experience with.
DSV expects its operating profit for the entire year 2019 to come to USD 986 million after its acquisition of Swiss Panalpina earlier this year. The logistics group also slightly raises its expectation for synergistic effects, according to its interim report.
DSV's acquisition Panalpina transports a lot of perishable goods, and this business could be harder to make money from than regular container freight. Could DSV opt to divest the business again? Three analysts give their assessments prior to DSV's interim report on Friday.
A former communication employee at logistics firm UTi has been convicted of insider trading in relation to DSV's acquisition of the company. He bought shares in UTi right after being informed that DSV would, on the following day, buy the company for more than USD 1 billion.
Thomas Plenborg has been appointed as new chairman of DSV, and he also becomes the first academic to enter the absolute senior executive ranks of the company, which is known for safeguarding its traditional business acumen. ShippingWatch has interviewed the new chairman.
The former vice chairman of Panalpina, who also chairs major shareholder Ernst Göhner Foundation, is now nominated to DSV's board of directors by request of the foundation. He has previously been criticized for his double role in the sale of Panalpina.
Executive VP for Ocean Freight Peder Winther and CIO Ralf Morawietz leave Panalpina following the merger with DSV. Their departure is part of the move to eliminate five executive positions, though three will continue at the new company.
Like the acquisition of US-based UTi, the integration of Panalpina is expected to entail layoffs, CFO Jens Lund tells ShippingWatch. DSV's management can look forward to some years of work incorporating its Swiss billion-dollar acquisition.