Toll acquires Summit Logistics
Australian-based logistics company Toll Group said Tuesday it has acquired New Jersey-based forwarder Summit Logistics for about $70 million.
Toll said the acquisition would help the company expand its presence in the transpacific market. Summit primarily provides logistics services between China and Hong Kong and the United States. Toll's primary business is on the Australia/Asia lane.
'We have been investigating U.S.-based opportunities for some time and this is an important acquisition for the group in the global forwarding market,' said Toll Group Managing Director Paul Little. 'The development of significant scale in the transpacific trade lane is a key element of delivering price competitive services to U.S.-based customers. Integrating Summit into Toll Global Forwarding also improves Toll's total supply chain capability in the U.S. market.'
The Summit acquisition is one of many Toll has made in various markets over the past year:
' In June, Toll bought three Asia-based international express companies.
' In October, it paid $46 million to acquire New Zealand freight forwarder Express Logistics Group.
' The company has also partnered with CMA CGM subsidiary ANL on an ocean service between Tasmania and mainland Australia.
' In June, Toll won a 30-year concession to operate Cambodia's freight rail system.