TOLL RAID: Acquisition frenzy spins back to Australasia, buying trans-Tasman freight forwarder
October 23, 2009
Toll Holdings’s acquisition frenzy has spun back to Australasia, with the transport giant swallowing one of New Zealand’s largest freight forwarding companies.
Toll will pay $50 million the Express Logistics Group (ELG), which includes 12 branches in New Zealand, Australia and United States serving import/export requirements for apparel and footwear retailers.
The majority of its revenues come from trans-Tasman trade and Australasian freight movements from China.
Toll boss Paul Little says the latest acquisition is another “great example” of the company’s growth strategy for its global forwarding business.
“ELG will add scale in Toll Global Forwarding’s key trade lanes in Asia and allow its customers to leverage off Toll’s very strong existing network in the region,” he says.
Little says ELG’s annual turnover of $125 per annum will cement the freight forwarding division’s position as a leading provider in the region.