Ryder Completes Acquisition Of Canada And Asia-Based Logistics Operations
Ryder System, Inc., a leader in supply chain, warehousing and transportation management solutions, recently announced that it has completed the previously announced acquisition of substantially all the assets of Transpacific Container Terminal Ltd. (TCTL) and CRSA Logistics Ltd. (CRSA) in Canada, as well as CRSA Logistics operations in Hong Kong and Shanghai, China.
The companies will now operate as Ryder Transpacific Container Terminal (Ryder TCTL) and Ryder CRSA Logistics, respectively. Doug Stewart, President of TCTL and CRSA Logistics, and David Seath, Vice President of CRSA Logistics, will continue to lead the Canada-based and Asian operations as part of Ryder's Canadian management team. The acquisition is expected to add more than $25M Canadian dollars, or more than $20M U.S. dollars in annualized revenue to Ryder's Supply Chain Solutions business unit.
"Consistent with Ryder's recently announced strategy, this acquisition will help bolster Ryder's geographic presence in Canada and Asia, while also adding quality retail customers and complementary solutions to our established portfolio of supply chain services," said Ryder Chairman and CEO, Greg Swienton. "We are pleased to further develop our Asia-related capabilities to strengthen our role as a facilitator of transpacific commerce and production between companies and resources in the North America and Asia regions."
CRSA Logistics operates as a leading provider of transpacific end-to-end transportation management and supply chain services for Canadian retailers. Transpacific Container Terminal (TCTL) operates a Canadian network of off-dock import/export container terminal facilities. This strategic acquisition adds complementary solutions to Ryder's capabilities including consolidation services in key Asian hubs, as well as deconsolidation operations in Vancouver, Toronto and Montreal.
Commenting on the acquisition, Ryder's President of Supply Chain Solutions, John Williford, said, "The acquisition of TCTL and CRSA Logistics provides an excellent opportunity to supplement our organic growth initiatives by adding new capabilities to our service portfolio, and extending our footprint in the Canadian retail sector with a well respected management team that shares our focus and commitment to profitable growth and superior customer service. We look forward to pursuing new growth opportunities in this geographic market."
"This merger of talent and resources is a positive development for all our constituents, employees, customers and service partners," said Doug Stewart, President of TCTL and CRSA Logistics. "We look forward to leveraging the resulting opportunities to the benefit of all concerned."
About Ryder
Ryder provides leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder's stock is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Ryder ranks 371st on the FORTUNE 500® and 1,631st on the Forbes Global 2000. For more information on Ryder System, Inc., visit www.ryder.com.
SOURCE: Ryder System, Inc.