Toll Group acquires global ocean forwarder

Toll Group has expanded its global forwarding business with the purchase of Hamburg, Germany-based ocean forwarder, Andree & Wilkerling (AWG).

AWG’s import and export ocean freight forwarding services business will be integrated into Toll’s Global Forwarding Division.

According to Toll Global Forwarding CEO Hugh Cushing, Germany is a critical market and key element in the company’s Europe & Middle East (EME) growth strategy, and continued expansion of its service offering and volumes will allow Toll 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 LCL and 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," said Cushing.

He added that 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.

In other news, Toll Group has successfully refinanced its Singapore debt into a single S$1 billion syndicated debt facility.

This reduces overall borrowing costs and completes Toll’s debt refinancing program that began last year with the US Private Placement of US$275 million and included the recent Hong Kong US$400 million multi-currency syndicated facility.

The new facility has the following tranchesm which spreads the maturity profile of Toll’s debt: S$500 million – three years; S$300 million – four years; S$200 million – five years.

Quelle: eyefortransport

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