Ryder System, Inc., a global supply chain, warehousing and transportation management solutions company, announced that it 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 finalized in late November and is subject to closing conditions.
CRSA Logistics 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 add complementary solutions to Ryder's capabilities including consolidation services in key Asian hubs, as well as deconsolidation operations in Vancouver, Toronto and Montreal. Additionally, the acquisition would increase Ryder's presence in the Canadian retail sector.
"The addition of these well established export consolidation services and off-dock container expertise will complement Ryder's existing transportation and logistics service offerings and contribute to our ability to grow and expand in the future," said Ryder Chairman and CEO, Greg Swienton. "This acquisition is one more component in our foundation of providing customers with a single source logistics offering to meet their current and future needs."
Once the acquisition is finalized, 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 management.
"Joining a recognized industry leader like Ryder is a unique opportunity for TCTL and CRSA Logistics, its employees and its customers," said Doug Stewart. "We look forward to bringing our knowledge and experience in managing Asian exports and distribution within Canada to strengthen Ryder's comprehensive global logistics portfolio. Both David and I are excited about this opportunity to bring even greater value to our combined customer base."
