PWC Buys GeoLogistics
PWC Logistics strengthened its position in the Middle East with the USD454 million acquisition of global freight forwarder and third-party logistics provider GeoLogistics of Santa Clara, Calif. GeoLogistics will continue to operate under its own name as a wholly owned subsidiary of Kuwait-based PWC. Senior management will remain in place. “Freight forwarding is a service that will continue to grow at impressive rates and one where strong market participants will continue to distance themselves from their midsize competitors,” said PWC Chairman Tarek Sultan. “GeoLogistics will significantly increase PWC Logistics’ global forwarding capabilities, especially within, to and from the Middle East.” It’s PWC’s third acquisition of 2005. The warehouse, transportation and freight management services company bought event and exhibition logistics specialist Trans-Link Group, of Singapore, in February, and project logistics provider Transoceanic Shipping, of New Orleans, La., in April. PWC shareholders meanwhile expressed their trust in management by oversubscribing by 156 percent to the company’s common stock. “This is a strong confirmation of their continued confidence in and support of our global growth strategy,” Sultan said. The combined company has revenue in excess of USD3 billion and more than 10,000 employees in 100-plus countries.
