January 26 - After several years of cooperation, SDV International Logistics has taken a minority interest in the FAST Overseas Group, which has a presence in Lebanon, Syria, Jordan and Italy.
FAST Mondial & Marine, the Lebanese entity of the Group, has revenues of USD30 million and 90 employees. Combined with its subsidiary companies in Jordan and Syria, the FAST Overseas Group significantly increasesSDV's presence in the Middle East.
In conjunction with this, SDV has also taken a majority stake in the company FAST France. FAST France, with revenues of EUR12 million (USD15.7 miilion), is specialised in outbound flows to the Middle East. The company has cooperated with FAST Lebanon for 25 years and is involved in significant volumes to the Persian Gulf.
Finally, SDV has also acquired 100 percent of FAST Italy which has revenues of EUR3 million (USD3.9 million) which is managed jointly with FAST Overseas and FAST France. Fast Italy also specialises in outbound flows to the Middle East. The company said that the aim of this particular acquisition is to bring FAST Italy closer to its own existing Italian entity, SDV Italy.
A company statement said: "Through this strategic move, SDV International Logistics reinforces its presence in the Middle East and continues to strengthen its network to meet the needs of its global customers."