Japanese state postal service Japan Post recently bought out regional logistics operator Toll Holdings for around US$5.07 billion, making it the second major Japanese logistics acquisition.
The announcement by Japan Post comes only a day after Kintetsu World Express agreed to pay $1.2 billion to acquire APL Logistics.
The acquisition of Toll Holdings will enable Japan Post to unlock a region in which it has experienced steady growth.
The Journal of Commerce reported Toru Takahashi, President and CEO of Japan Post, as saying that this is the start of a new chapter of “looking outward and becoming a leading global player.
“Toll has a strong presence in the Asia-Pacific region, which has excellent logistics growth potential, and a portfolio that is balanced by business and region.”
Brian Kruger, CEO of Toll Holdings, said: “Combined we will have an expansive geographical footprint with Toll providing expertise in the global logistics and transport markets. Japan Post will bring extra capability, financial strength and significant scale to accelerate growth.”
Toll will keep its name and current management, and Takahashi concluded by saying that there would be no major job cuts.
