Toll forges China-US cargo link with Summit Logistics acquisition

Time:2010-02-05 Browse:42 Author:RISINGSUN

AUSTRALIA`s Toll Group has acquired Summit Logistics International, an independent US freight forwarding and supply chain business, for A$80 million (US$70.53 million).
Summit generates annual revenue of around A$300 million and is a top five provider of ocean freight services on the transpacific route between Greater China and North America, Toll said in a statement announcing the acquisition to the Australian Stock Exchange.
Headquartered in New Jersey, Summit provides integrated transpacific logistics services from Hong Kong and the US. The company also generates 30 per cent of its revenue providing supply chain solutions, including transport and logistics services, to its freight forwarding customers within the US.
"We have been investigating US-based opportunities for some time and this is an important acquisition for the group in the global forwarding market," said Toll managing director Paul Little.
"Integrating Summit into Toll Global Forwarding (TGF) also improves Toll`s total supply chain capability in the US market," he said.
"The capability and positioning of Summit in the Greater China-US trade lane is highly attractive to Toll. With the Summit acquisition, TGF`s mix of international freight forwarding and domestic US capabilities will enable the business to offer a more extensive domestic deliver-to customer capability, from China to all major city destinations in the US."