Panalpina has expanded its perishables network in South America through the acquisition of CargoMaster S.A. in Colombia and its subsidiary Laseair S.A. in Ecuador.

CargoMaster and Laseair specialize in air exports of perishables from Colombia and Ecuador, predominantly to the US but also to Europe and Asia.

“The acquisition will make us the undisputed perishables market leader in Colombia and Latin America, and strengthen our position in Ecuador,” said Stefan Karlen, CEO of Panalpina. “We are adding significant volumes and know-how to our already impressive perishables footprint in Latin America, which will allow us to further deepen our well-established relationships with the airlines and producers in the region. As we continue to expand the perishables business in this part of the world, we also see great development opportunities for our charter network with its gateway in Huntsville, Alabama.”

CargoMaster was founded in 1987 and today employs 134 staff in Bogota and Medellin), with another 32 employees in Quito through its subsidiary.

“In the last 32 years, we have catapulted ourselves to the top of the Colombian air freight market and built a very strong brand in the region and our industry,” said Felipe Sanchez, founder, CEO and majority shareholder of CargoMaster. “I am very proud of these achievements and the employees that made it all possible. By going together with Panalpina with its strong heritage in Latin America, we have the opportunity to become part of an even bigger success story in the perishables industry.”

Panalpina’s perishables activities originated in Latin America.