Mainfreight acquires Target Logistics for $53.7m
Mainfreight acquires Target Logistics for $53.7m
In its largest acquisition to date, Mainfreight has signed a definitive merger agreement to acquire Target Logistics in an all-cash transaction valued at approximately $53.7 million.
Selon Eyefortransport (http://www.eyefortransport.com)
Founded in 1978, Mainfreight is a global logistics services provider with operations in New Zealand, Australia, Asia and the US. The company posted revenues of NZ$968 million for the year-ended March 31, 2007.
Target Logistics provides domestic and international time-definite freight forwarding and logistics services through its wholly owned subsidiary, Target Logistic Services. The company has a network of offices in 35 cities throughout the US and a worldwide agent network covering more than 70 countries, including China and other countries in Southeast Asia.
According to Target president & CEO Stuart Hettleman, the combined and complementary resources of the two organisations will afford greater growth opportunities for the company and provide stronger support and broader services for its customers.
Mainfreight believes that this transaction will provide it with a foundation for further growth in both the US and international freight markets, which is consistent with the company’s strategies expressed to the market over the past twelve months.
Subject to the completion of certain closing conditions, the transaction is expected to close during November 2007.
In its largest acquisition to date, Mainfreight has signed a definitive merger agreement to acquire Target Logistics in an all-cash transaction valued at approximately $53.7 million.
Selon Eyefortransport (http://www.eyefortransport.com)
Founded in 1978, Mainfreight is a global logistics services provider with operations in New Zealand, Australia, Asia and the US. The company posted revenues of NZ$968 million for the year-ended March 31, 2007.
Target Logistics provides domestic and international time-definite freight forwarding and logistics services through its wholly owned subsidiary, Target Logistic Services. The company has a network of offices in 35 cities throughout the US and a worldwide agent network covering more than 70 countries, including China and other countries in Southeast Asia.
According to Target president & CEO Stuart Hettleman, the combined and complementary resources of the two organisations will afford greater growth opportunities for the company and provide stronger support and broader services for its customers.
Mainfreight believes that this transaction will provide it with a foundation for further growth in both the US and international freight markets, which is consistent with the company’s strategies expressed to the market over the past twelve months.
Subject to the completion of certain closing conditions, the transaction is expected to close during November 2007.