Menlo Worldwide, the global logistics subsidiary of Con-way Inc, has completed the acquisition of Cougar Holdings, a Southeast Asia freight forwarding, warehousing, logistics and distribution management company with personnel, facilities and operations in Singapore, Malaysia and Thailand.

Menlo acquired Cougar Holdings and its primary subsidiary, Cougar Express Logistics, for US$33.9 million.

The acquisition of Singapore-based Cougar Express bolsters Menlo’s presence in Southeast Asia, adding 12 operating locations in the region with a client base of nearly 200 Asia-based and global businesses. In its most recent fiscal year, Cougar Express recorded $23 million in revenues.

“The completion of this transaction is an important competitive milestone for Menlo in Asia,” noted Robert Bianco, president of Menlo Worldwide.

“We’ve already identified opportunities for growth and cost synergies, as well as potential new service offerings we can bring to market for our customers in Southeast Asia.”

Heinz-Peter Faust, CEO of Cougar Express Logistics, said the organisation combined proven experience in solutions for Asia-based logistics with strong capabilities in many of the region’s dominant industries, such as consumer electronics, automotive and chemical/industrial.

Menlo funded the transaction from existing cash resources. The acquisition is expected to be accretive to Menlo’s earnings starting in the 2007 fourth quarter.