Toll looks to expand its reach in the Asia-Pacific region by buying another global forwarding business
Toll Holdings is set to expand its reach in the Asia-Pacific region after it floated plans to buy a $300 million global forwarding business.
The Australian Financial Review reports comments made by Toll Chief Executive Paul Little in London last week, who intends on adding to the acquisition in 2008 of BALtrans Holdings in Hong Kong.
If it pursues another takeover, Toll stands to triple its market share of forwarding companies over the next three years.
Speaking at the Citigroup Conference in London, Little told attendees the takeover of BALtrans had provided the company with an indication it could achieve success in the forwarding market.
“For Toll to grow that business [BALtrans] from $600 million to $1 billion in revenues quite quickly has given us some scale in the whole global forwarding sector,” Little is reported to have said.
The Toll Group would not comment to ATN on prospective companies it could acquire, but Little also suggested looking to the United States.
“You could buy a business in the United States to help you grow volumes out of Asia,” he says.
The AFR reports Little ruled out the possibility of purchasing any assets held by Asciano, which Toll created.