Toll Acquires US Freight Forwarding business

Toll Group has announced the acquisition of Summit Logistics International (Summit), a US freight forwarding and supply chain business. The latter generates annual revenue of around A$300 million (US$264 million) and is a provider of ocean freight services on one of the world’s key trade lanes – the trans-pacific route between Greater China and North America.

The business is headquartered in New Jersey, and provides integrated trans-Pacific

logistics services to its customers through its extensive operational platform in China, Hong Kong and the US. The latter also generates around 30 percent of its revenue providing supply chain solutions including transport and logistics services to its freight forwarding customers within the US.

Toll is paying approximately A$80 million for the Summit business. The acquisition is expected to be Earnings per Share (EPS) accretive in year one.

Toll, www.toll.com.au