Toll Group has added to its global forwarding business with the purchase in Germany of ocean forwarder Andree & Wilkerling (AWG). The business will be integrated into Toll's Global Forwarding Division. The Hamburg-based business specialises in import and export ocean freight forwarding services within the retail, consumer goods, chemicals and steel material sectors.
CEO of Toll Global Forwarding, Hugh Cushing said, "Germany is a critical market and key element in our Europe and Middle East (EME) growth strategy. Continuing to build on our service offering and volumes will allow us to compete aggressively with the major forwarders in the European market. Importantly for Toll, AWG is focused on Asia and Middle East ocean freight, and provides a mix of less than a container load (LCL), full container load (FCL) and ocean import and export services. AWG is also one of the leading German providers of weekly consolidated container movements to North Africa and the Middle East.
"The acquisition will strengthen Toll Global Forwarding's presence in Germany, Europe's largest logistics market, by adding an established ocean freight service to the existing airfreight and sea-air import offer. AWG gives us critical mass in Hamburg, one of Germany's leading ocean freight gateways. This, coupled with our strong presence in the country's main airfreight entrance at Frankfurt, means we are now positioned to give our customers a complete service offering," Cushing concluded.
AWG reported revenue of €15.2m in 2010. It is expected to be earnings per share accretive in its first year. The business anticipates further growth as a result of Germany's strong trading position in Europe.
CEO of Toll Global Forwarding, Hugh Cushing said, "Germany is a critical market and key element in our Europe and Middle East (EME) growth strategy. Continuing to build on our service offering and volumes will allow us to compete aggressively with the major forwarders in the European market. Importantly for Toll, AWG is focused on Asia and Middle East ocean freight, and provides a mix of less than a container load (LCL), full container load (FCL) and ocean import and export services. AWG is also one of the leading German providers of weekly consolidated container movements to North Africa and the Middle East.
"The acquisition will strengthen Toll Global Forwarding's presence in Germany, Europe's largest logistics market, by adding an established ocean freight service to the existing airfreight and sea-air import offer. AWG gives us critical mass in Hamburg, one of Germany's leading ocean freight gateways. This, coupled with our strong presence in the country's main airfreight entrance at Frankfurt, means we are now positioned to give our customers a complete service offering," Cushing concluded.
AWG reported revenue of €15.2m in 2010. It is expected to be earnings per share accretive in its first year. The business anticipates further growth as a result of Germany's strong trading position in Europe.