Toll acquires two U.K. forwarders
The parent of Australian-based logistics company Toll said Friday it has acquired two U.K.-based forwarders, while divesting itself of a joint venture with an Italian logistics company.
Toll has acquired WT Sea Air Group and Genesis Forwarding Group, moves that gives Toll Global Forwarding scale in the U.K. market, said Paul Little, Toll Group managing director. Financial terms of the acquisitions were not disclosed.
WT's main business is U.K. inbound shipments from Asia, with its customer base principally in the retail fashion segment, Little said. Genesis, meanwhile, specializes predominantly in freight in the defense, aerospace and oil and gas industries across Europe, the United States, Asia-Pacific and the Middle East.
In other news, Toll said Friday it has dissolved a 50-50 joint venture with Italian logistics company the Pacorini Group, an agreement set up in 2004.
Pacorini provides logistics services and trade finance facilitation for the ferrous and non-ferrous metals industries.
'While the joint venture has been a successful business since its formation, it was decided that the ownership interest was not a core asset for Toll,' Little said. 'Importantly, Toll will continue its relationship with Pacorini through the provision of warehousing and other logistics services.'