|
OTS Logistics Group says it has signed a sale and purchase agreement to acquire European ocean freight shipping company, the Confreight Group, in a bid to expand its global coverage on the continent.
The agreement with the neutral consolidator will enable group subsidiary, Vanguard Logistics, to establish a presence in Belgium, France, Germany, Holland, Italy, Poland, Spain and the UK among other European countries.
OTS Logistics Group chairman Owen Glenn said the signing of the agreement was a logical move to realise the group's expansion plans. "We acquired significant businesses in Asia Pacific, particularly in China in 2005 as part of our growth strategy. This agreement is a continuation of our global expansion strategy and we will move to immediately establish our Vanguard brand in Europe."
The organisation selected the Confreight Group after considering a number of other companies. "The exercise took almost 18 months but in the end we were attracted to the quality of the people, management and to the reputation that the Confreight brand enjoyed in the market place," said COO Charles Brennan.
|
RELATED