Toll aims to buy Chinese logistics firms
Toll Holdings, Australia’s leading transport and logistics group, is seeking to acquire logistics companies in China to expand its growing Asian business. It also plans to use its majority stake in domestic airline Virgin Blue to grow its air freight business.
Toll CEO Paul Little told the company’s AGM this week that Toll was continuing to seek small “ bolt-on” acquisitions to enhance its Asian services. Speaking later to Australian media, he said any deals in China would be “very significant” in terms of bringing value to its transport and logistics services, particularly from China to Australia.
The Australian market leader recently re-branded SembLog, the Singapore-based logistics company it acquired earlier this year, as Toll Asia in order to set the stage for expanding its logistics business through Asia. China is now a major importer of Australian raw materials while Australia imports large amounts of Chinese-made products.
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