UTi completes Israeli deals
Rancho Dominguez, Calif.-based UTi Worldwide Inc. has completed the acquisition of controlling interests of Newlog Ltd. from Israeli shipping line Zim Integrated Shipping Services Ltd., and certain assets, including goodwill, of Transclal Trade Ltd.
The acquisitions of both companies, which acted as UTi’s exclusive air freight and ocean freight forwarding agents in Israel, were first announced in late April.
Under terms of the agreement, Newlog has merged with UTi's wholly owned Israeli operations, UTi Eilat Overseas Ltd., to create a new entity called UTi Logistics Israel that is 75 percent owned by UTi and 25 percent owned by Zim.
UTi Logistics Israel then bought 100 percent of the goodwill, trade name and certain related assets and liabilities of Transclal.
Mordechai Friedman, Transclal’s chief executive officer and majority shareholder, will lead UTi Logistics Israel as CEO, while Yoram Sebba, formerly vice chairman of Zim, is chairman of the new company.
“Israel is a dynamic and entrepreneurial marketplace, and we are committed to enhancing our market leadership in the region for the benefit of our clients worldwide trading to and from Israel,” said John Hextall, CEO of UTi Worldwide.
“Having had more than 12 months of collaboration and good working relationships with Newlog and Transclal, we anticipate a seamless integration.”
UTi completes Israeli deals
