Ryder aims to acquire
Oct 7, 2008 8:17 AM
Ryder System Inc. has reached an agreement to acquire substantially all the assets of Transpacific Container Terminal Ltd. (TCTL) and CRSA Logistics Ltd. (CRSA). Also being acquired are CRSA operations in Hong Kong and Shanghai, China. The acquisition is expected to be completed in late November and is subject to closing conditions.
CRSA operates as a leading provider of trans-Pacific end-to-end transportation management and supply chain services for Canadian retailers, and TCTL operates a Canadian network of off-dock import/export container terminal facilities. This strategic acquisition would complement Ryderís capabilities with consolidation services in key Asian hubs, as well as deconsolidation operations in Vancouver, Toronto, and Montreal. Additionally, the acquisition would increase Ryderís presence in the Canadian retail sector.
Once the acquisition is concluded, Doug Stewart, president of TCTL and CRSA; and David Seath, vice president of CRSA, will continue to lead the Canada-based and Asian operations as part of Ryderís management.
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