Australia-based "Toll Group" is acquiring US freight forwarding company, "Summit Logistics International", for approximately A$80 million.
New-Jersey-based Summit provides integrated transpacific logistics services to its customers through its extensive operational platform in China, Hong Kong and the US.
Summit generates annual revenue of around A$300 million, providing ocean freight services on one of the world's key trade lanes - the transpacific route between Greater China and North America.
Around 30% of Summit's total revenue in generated by the provision of transport and logistics services to freight forwarding customers within the US.
Toll Group managing director Paul Little said the company has been investigating US-based opportunities for some time.
"The development of significant scale in the transpacific trade lane is a key element of delivering price competitive services to US-based customers," said Little. "Importantly, integrating Summit into Toll Global Forwarding (TGF) also improves Toll's total supply chain capability in the US market."
The acquisition will enable Toll to offer a more extensive domestic deliver-to-customer capability from China to all major city destinations in the US.
Source : EFT, 02.02.10.
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