Oslo, Norway/Melbourne, Australia - WWL and Prixcar confirm that they have signed an agreement that sees WWL sell its inland transportation and technical service business in Australia to Prixcar, in exchange for a 20% ownership share in Prixcar. WWL will remain an active participant in the market through board representation and close cooperation with Prixcar.
Prixcar is a leading provider of finished vehicle logistic services in Australia with a nationwide footprint. Prixcar’s primary focus is inland transportation and technical services for the auto segment, complementing WWL’s focus on the heavy truck, rolling equipment and machinery segment. The joint business is expected to have an annual turnover in excess of AUD 250 mill and a team of over 1,000.
“This transaction and our new partnership with the Prixcar Group will increase the scale and geographic reach of our Landbased activities in Australia, providing our customers with an enhanced product,” says Craig Jasienski, President & CEO of WWL ASA.
As part of the transaction, the business incorporated as Wallenius Wilhelmsen Logistics Australia Pty. Ltd. will be transferred to the Prixcar Group. i)
The deal strengthens Prixcar’s position as a leading supplier to the auto, heavy truck, rolling equipment and machinery segment in Australia. Existing customers of both companies will benefit from continued high-quality services and an extended footprint throughout the country.
“The joining of these two companies both sharing similar values with a strong focus on safety, people, innovation, environment, and our customers will assist in enabling the group to further expand its ability in creating value for its employees, customers and business partners, offering an expanded range of both services and locations.” says Alan Miles,Chairman Prixcar Services Pty Ltd.
The transaction is subject to regulatory approvals in Australia, and expected to close in Q1 2018.
i) The transaction does not include WWL ASA’s Terminal business, eg Melbourne International Ro-Ro Automotive Terminal (MIRRAT)