Toll to buy 40% of Tianjin firm

Australian logistics company Toll Holdings plans to buy 40 percent of Chinese automotive services firm Tianjin Anda Logistics, reported Dow Jones Newswires.


"The Chinese automotive market is the largest in the world and offers immense opportunities for Toll to leverage our industry leading automotive capabilities," Toll managing director Paul Little said.


Tianjin Anda Logistics, which generated revenue of more than US$61.71 million last year, provides finished vehicle transport, storage and processing services for leading vehicle brands such as Toyota, BMW and Chery.


The acquisition is subject to Chinese regulatory approval, which is expected to take up to six months.


The price of the stake wasn't disclosed.
(Source:http://www.cargonewsasia.com)