DHL Danzas Air & Ocean announced today the acquisition of the remaining shares of Central American transport and logistics experts Corporación Cormar Sociedad Anónima in order to build operations across the region and achieve synergies for the DHL Group.

DHL Danzas Air & Ocean will acquire the remaining 65% of Cormar shares from the longstanding senior management and outside shareholders that are also customers of Cormar.

Cormar is the number one logistics company in the Central American region with its own network of 37 locations in Guatemala, Honduras, Belize, El Salvador, Nicaragua, Costa Rica and Panama. Through its fully owned subsidiary Arwest, Cormar offers an international trucking network that connects Mexico with all countries in Central America with Less Than Truck Load (LTL) as well as Full Truck Load (FTL) services. Cormar reported USD 58 million total net sales in 2002 (year ending 30th September 2002) and gross margin of USD 25.6 million.

"Central America is a vibrant market that offers significant growth potential for DHL Danzas Air & Ocean. With an enviable client list and proven operating and financial credentials, Cormar is an important acquisition for us. Securing 100% ownership will speed up the process by which we can offer customers access to the full range of DHL capabilities," said Renato Chiavi, COO DHL Danzas Air & Ocean.

Under the DHL Danzas Air & Ocean banner, Cormar will continue to offer the full range of services including air and ocean freight forwarding, customs brokerage, warehousing, inventory management and distribution services.

Customers will enjoy enhanced quality of services from DHL's global network and state-of the-art technology without operational implications. The 1370 employees and Cormars president Jose Rossi will work closely with Samuel Israel, Head of DHL Danzas Air & Ocean Latin America, John Fellows, COO DHL Express Americas and Deutsche Post World Net Group.

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