CSG takes over US agency

Hong Kong: The China Shipping Group (CSG) has acquired Norton Lilly International's 50 per cent stake in China Shipping (North America) Agency, effectively giving CSG a fully held sales and marketing subsidiary in the United States. The move mirrors that of its national rival, China Ocean Shipping, which also runs a wholly owned agency in the US. The CSG takeover came on the back of a drastic reduction in its North American workforce earlier this month, from about 110 to about 50, which was seen by industry watchers as preparation for the purchase.