Toll Group has announced the sale of the Australian interstate line-haul and warehousing operations of its Toll Refrigerated business to Automotive Holdings Group, owners of Rand Refrigerated Logistics, for US$6.5 million.
Toll Refrigerated's interstate linehaul and consolidated warehousing operations have revenues of around $75 million and made a small operating loss in the financial year to June 30.
"Due to the challenging market conditions and margin pressure faced by this business, we concluded that, in this case, divestment was the best option," Toll Group managing director Brian Kruger said.
Toll will retain its other refrigerated transport and warehousing operations which are currently provided by other businesses within the group. Approximately 100 Toll staff will transfer to Automotive Holdings as part of the sale. |
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Source: cargonewsasia
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