Toll acquires US forwarding business
Australia-based Toll Group has announced yet another acquisition, with the A$80 million (US$71 million) purchase of Summit Logistics International (Summit), one of the USÃ¢â‚¬™ leading independent freight forwarding and supply chain businesses, according to Toll. Summit generates annual revenue of around A$300 million and is a key provider of ocean freight services on the transpacific […]
March 1, 2010
Summit generates annual revenue of around A$300 million and is a key provider of ocean freight services on the transpacific trade lane. Based out of New Jersey, Summit provides integrated logistics services to its customers through an extensive operational platform in China, Hong Kong and the US.
The group generates around 30 per cent of its revenue providing supply chain solutions including transport and logistics services to its freight forwarding customers within the US.
Ã¢â‚¬Å“We have been investigating US-based opportunities for some time and this is an important acquisition for the Group in the global forwarding market,Ã¢â‚¬Â said Toll GroupÃ¢â‚¬™s managing director, Paul Little.
Ã¢â‚¬Å“The development of significant scale in the transpacific trade lane is a key element of delivering price competitive services to US-based customers. Importantly, integrating Summit into Toll Global Forwarding (TGF) also improves TollÃ¢â‚¬™s total supply chain capability in the US market.Ã¢â‚¬Â