Toll to Acquire Perkins Shipping

Australian logistics giant expects to boost Southeast Asia trade

In a move expected to boost its share of Southeast Asia trade, Toll Group agreed to purchase all shares in Perkins Group Holdings, the parent of the Perkins Shipping Group.

The conditions for the transaction include competition clearance.

 

Toll is a $4.5 billion Australian logistics services company with 30,000 employees in 50 countries. The Perkins Group provides shipping, integrated freight services, land haul services and general freight services, including international shipping between Darwin, Australia, and Singapore via Timor Leste and coastal shipping throughout northern Australia.

 

“The increasing importance of Southeast Asian trade to northern Australia reinforces the future prospects for organic growth of the Perkins’ international shipping services linking Australia and Asia,” said Paul Little, managing director of the Toll Group.

 

“The Toll Group’s internationally integrated service offering is already benefiting our Asian and Australian customers. With its potential for future regional growth we are confident our customers will find Perkins Shipping a valuable addition to the Toll Group,” said Little.

Toll expects the purchase to add to its bottom line in year one. The purchase will be funded out of existing facilities.

 

“Toll’s strong balance sheet and the Group’s exceptional existing businesses continue to provide the funding capacity and platform to acquire quality assets like Perkins Shipping despite current difficult economic times,” Little said.

 

(Source: Journal of Commerce)