K+N Chairman Joerg Wolle has indicated the company is looking for bolt-on acquisitions in Asia that it can rapidly integrated into the rest of the group. He recognizes the group cannot organically build an Asian business as big as its operations in the Americas (which are 2.2x larger than in Asia by revenues) or Europe (6.0x). Such a move would put K+N in competition for assets against Panalpina and DSV, both of which have indicated an interest in acquisitions. As outlined in our 2018 Outlook, consolidation in forwarders is needed as a result of the high level of fragmentation in the ind...