Toll Group, the Australian logistics provider has taken over Summit Logistics International, the US freight forwarder in a deal worth A$80 million.
Summit has sales of some A$300 million and is a major provider of ocean freight services the trans-pacific route between 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. Summit also generates around 30 per cent of its revenue providing extensive supply chain solutions including transport and logistics services to its freight forwarding customers within the US.
Toll Group’s managing director Paul Little said: “The development of significant scale in the trans-Pacific trade lane is a key element of delivering price competitive services to US based customers. Importantly, integrating Summit into Toll Global Forwarding also improves Toll’s total supply chain capability in the US market.