Private equity firm TPG acquired a majority stake in Sayari, it said in a news release Jan. 16. The agreement between the companies allows TPG “to make an up to $228 million strategic majority investment in Sayari,” the release said. “Sayari’s founders, employees, and existing investors will retain a significant stake in the company.” Sayari recently won government contracts for services to support anti-forced labor efforts by CBP and the Labor Department (see 2401050051).
China's stranglehold on minerals used in electric vehicle battery-making, and their head start on making quality, affordable EVs makes U.S. and European firms anxious, panelists said at a Georgetown Business School webinar on the future of auto value chains.
Kuehne+Nagel will acquire the Canada-based customs broker Farrow, the Swiss logistics company said in a news release. “The acquisition of Farrow will be immediately earnings-accretive and will expand the company’s customs capabilities in a complementary way, especially at the Canadian and Mexican borders of the USA,” Kuehne+Nagel said. The deal's completion is expected in the first quarter of 2024, and is subject to “approval from regulatory authorities and customary closing conditions,” the release said. “Upon close, Farrow will become a fully owned subsidiary of Kuehne+Nagel.” Terms were not disclosed.
The U.S. Chamber of Commerce and BusinessEurope issued a joint statement ahead of European Commission President Ursula von der Leyen's visit with President Joe Biden, asking them to "definitively reject protectionism," which the groups said is on the rise, due to "misinformed narratives about industrial decline." She will be in Washington Oct. 20.
Returning Flexport CEO Ryan Petersen announced he’s “rescinding a bunch of signed offer letters for people who were starting as soon as this Monday.” He made the announcement Sept. 8 on X, formerly known as Twitter, and said a “Flexport team member will reach out to each of you personally asap to explain the move.”
Ryan Petersen is returning to Flexport as CEO of the multinational freight forwarder, following the departure of previous CEO Dave Clark on Sept. 6, Petersen said in a post on X, formerly known as Twitter. In a letter to Flexport employees included in the post, he said that “it’s clear that important changes are needed to sustain our growth and return to profitability.”
Analysts from the Tax Foundation and from the Center for Strategic and International Studies said that hiking tariffs on all imports by 10% would not boost domestic manufacturing, with CSIS's Bill Reinsch noting "you would be hard pressed to find an economist who thinks they make any sense."
The U.S. Chamber of Commerce's senior vice president for international policy said that when the trade ministers for the G-20 nations meet in India later this week, they should pledge not to hike tariffs, impose new export restraints or add digital trade barriers.
UPS and the Teamsters union, which represents UPS employees, reached a tentative five-year collective bargaining agreement, the two sides announced July 25, ending the possibility of a strike at the beginning of next month. The agreement covers union employees in "small-package roles," UPS said, and will need to be approved and rarified by union members. The Teamsters said voting will take place from Aug. 3 to Aug. 22.
CBP awarded Altana a “multi-year contract” to map supply chains for the agency for CBP’s use in addressing forced labor, the company said in a news release July 20. “This new award expands Altana’s relationship with CBP to help enable CBP officers and analysts to quickly understand the complexities of rapidly-shifting global supply chains, all using Altana’s Atlas,” Altana said. “The Atlas will assist CBP officers and analysts to analyze highly messy data at scale, harness artificial intelligence to triage and prioritize actions, and collaborate across borders to stop the flow of goods created by forced labor,” it said. CBP did not immediately comment.