In a bid to strengthen its European Surface Transportation business, C.H. Robinson CHRW announced that it has acquired Combinex Holding B.V. Notably, Combinex is one of the fastest growing forwarders in the Benelux region and specializes in transport services for dry, fresh and frozen goods. Notably, Benelux includes three neighboring states in Western Europe, namely Belgium, the Netherlands, Luxembourg.

Per Jeroen Eijsink, president of C.H. Robinson’s European operations, “The acquisition is a great opportunity for C.H. Robinson and will strengthen our existing footprint in Europe, particularly our presence in Western Europe”. Eijsinkalso justified the acquisition by stating that “Combinex will also offer us additional haul capabilities with a dedicated fleet, expanding our reach in the short-medium haul market”.

Notably, C.H. Robinson’s European road transportation operations cover all the major trade avenues in Europe. The acquisition is a prudent move to expand its European road transportation operations as it not only will broaden its customer base but should also improve customer services by clubbing Combinex’s expertise.

The buyout further highlights C.H. Robinson’s efforts to fortify its European presence as it follows the consolidations of two other European companies, namely Dema Services and Space Cargo in 2019.

Zacks Rank & Other Key Picks

C.H. Robinson carries a Zacks Rank #2 (Buy), currently. Investors interestedin the broader  Transportation  sector may also consider ArcBest Corporation ARCB, Covenant Logistics CVLG and Herc Holdings HRI, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see  the complete list of today’s Zacks #1 Rank stocks here.

Shares of ArcBest, Covenant and Herc Holdings have appreciated 81.4%, 22.2% and 101.7%, respectively, year to date.

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C.H. Robinson Worldwide, Inc. (CHRW) : Free Stock Analysis Report
 
ArcBest Corporation (ARCB) : Free Stock Analysis Report
 
Herc Holdings Inc. (HRI) : Free Stock Analysis Report
 
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