Hong Kong based logistics and trading group Li & Fung is on the global acquisition trail as it targets a core operating profit of US $1.5 billion by 2013.
In the first half of 2012 the group saw core operating profit fall by a fifth to $221m despite a four per cent increase in sales to $9bn.
Li & Fung has more than 300 offices and distribution centres in 40 countries around the world and operates through three interconnected divisions: Trading, Logistics and Distribution. It counts some of the world’s major retailers as customers.
The group made it clear that in future a higher level of cash would be retained to provide funding for future acquisition opportunities.
Chairman William K Fung said: “There is no doubt that more acquisition deals are available at attractive prices at a time of global economic uncertainty.”