CP Ships acquires second Canadian forwarding company

GT Nexus, Flagship integrate services CP Ships has taken over the freight forwarding company Borg International Freight Services Inc, its second acquisition of a Canadian-based forwarder in less than two years.
   The purchase of Montreal-based Borg International Freight Services, which specializes in ocean and air freight forwarding and employs 22 people, follows the acquisition of Montreal-based ROE Logistics in March 2004.
   Terms of the acquisition of Borg International Freight Services were not disclosed. CP Ships said this company had annual gross revenue in 2004 of $14 million.
   “The acquisition of Borg is a continuation of our plan to selectively develop logistics services as a way of leveraging strong regional market positions and adding value to our core container services,” said Ray Miles, chairman of CP Ships.
   Borg’s owner and founder, Richard Azoulay, is assuming a management role within the CP Ships logistics organization.