Ryder System, Inc. (NYSE: R), a global leader in supply chain, warehousing and transportation management solutions, today (10/3) 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.”
Headquartered in Port Coquitlam, British Columbia, Transpacific Container Terminal Ltd. (TCTL) provides drayage, transloading, import deconsolidation, export consolidation, warehousing, intermodal, and other 3PL services in Canada. TCTL has facilities in Vancouver, Toronto and Montreal, and service relationships with the Canadian National and Canadian Pacific railroads. For more information about TCTL, please visit www.tctl.com or the Ryder website at www.ryder.com.
About CRSA Logistics
Headquartered in Port Coquitlam, British Columbia, CRSA Logistics Ltd. provides end-to-end logistics visibility, program management and vendor coordination for the members of the Canadian Retail Shippers’ Association (CRSA). Since its inception in 1967, CRSA Logistics Ltd. has provided its exclusive services to the members of the CRSA that require sophisticated expertise and infrastructure to meet the requirements of the Canadian retail industry. For more information about CRSA Logistics, please visit www.crsalog.com or the Ryder website at www.ryder.com.
Ryder provides leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. Ryder ranks 371st on the FORTUNE 500(R) and 1,631st on the Forbes Global 2000. For more information on Ryder System, Inc., visit www.ryder.com.
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including, without limitation, statements concerning the terms and timing of the acquisition and statements concerning integration, customers and services. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
For Information Contact:
Lisa Brumfield Hagen
SOURCE: Ryder System, Inc.