Toll acquires Dubai sea-air specialist
Australia-based logistics company Toll Group said Tuesday they have acquired SAT Albatros (SAT) a Dubai-based provider of sea-air cargo services.
SAT will be integrated in Toll Global Forwarding, adding to that division's purchase of Dubai-based Logistics Distribution System in 2009.
'The acquisition of SAT will further cement Toll's strategic position in the Middle East and in the Asia to Europe trade lane,' said Toll Group Managing Director Paul Little. 'Building our business with a niche Sea-Air provider gives us further scope to offer our customers the opportunity to match speed to market with a cost-effective service. For customers who want to transport goods quickly but keep costs down, this integrated option can offer significant cost savings over pure air freight.
'SAT has strong links in Europe and in particular Germany, which itself accounts for a majority of volume at destination.'
Toll said SAT reported revenue in excess of $40 million in 2010 and that the company expects the acquisition to be 'earnings per share positive' in its first year.
Financial terms of the deal were not disclosed.