Toll extends reach into Germany with takeover of ocean forwarder to aggressively compete with its rivals
July 29, 2011
Toll is banking on out-muscling its rivals in the competitive European freight forwarding market after taking over German business Andree & Wilkerling (AWG).
The Hamburg-based ocean forwarder specialises in import and export services within the retail, consumer goods, chemicals and steel material sectors.
AWG will be integrated into Toll’s Global Forwarding Division, with Toll saying the takeover will increase its presence in Europe’s largest logistics market by giving it an ocean freight service to add to its existing airfreight and sea-import operations.
“Germany is a critical market and key element in our Europe and Middle East growth strategy. Continuing to build on our service offering and volumes will allow us to compete aggressively with the major forwarders in the European market,” Toll Global Forwarding CEO Hugh Cushing says.
“AWG gives us critical mass in Hamburg, one of Germany’s leading ocean freight gateways. This, coupled with our strong presence in the country’s main airfreight entrance at Frankfurt, means we are now positioned to give our customers a complete service offering.”
The news of Toll’s latest takeover comes as it refinances its Singapore debt into a syndicated debt facility.
Toll Chief Financial Officer Brian Kruger says the transport and logistics operator managed to secure competitive rates, in turn lowering its borrowing costs.