The Toll Group has acquired Summit Logistics International, one of the United States' leading independent freight forwarding and supply chain businesses.
Summit generates annual revenue of around US$265 million and is a top five provider of ocean freight services on one of the world's key trade lanes – the trans-pacific route between Greater China and North America.
The business is headquartered in New Jersey, and provides integrated trans-Pacific logistics services to its customers through its extensive operational platform in China, Hong Kong and the US.
Summit also generates around 30 percent of its revenue, providing extensive supply chain solutions including transport and logistics services to its freight forwarding customers within the US.
Toll is paying approximately US$71 million for the Summit business.
Disclosure: Members of the Baird family or companies in the Baird Publications group own shares in the Toll Group.