Ryder announced today, Dec. 23, that it has completed its acquisition of substantially all the assets of Transpacific Container Terminal Ltd. (TCTL) and CRSA Logistics Ltd. (CRSA) in Canada, as well as CRSA Logistics operations in Hong Kong and Shanghai, China. The companies now will operate as Ryder Transpacific Container Terminal (Ryder TCTL) and Ryder CRSA Logistics, respectively. Terms were not announced.
Doug Stewart, president of TCTL and CRSA Logistics, and David Seath, vice president of CRSA Logistics, will continue to lead the Canada-based and Asian operations as part of Ryder’s Canadian management team. The acquisition is expected to add more than $25 million Canadian dollars, or more than $20 million U.S. dollars, in annualized revenue to Ryder’s Supply Chain Solutions business unit.
“Consistent with Ryder’s recently announced strategy, this acquisition will help bolster Ryder’s geographic presence in Canada and Asia, while also adding quality retail customers and complementary solutions to our established portfolio of supply chain services,” says Greg Swienton, chairman and chief executive officer of Miami-based Ryder. “We are pleased to further develop our Asia-related capabilities to strengthen our role as a facilitator of transpacific commerce and production between companies and resources in the North America and Asia regions.”
CRSA Logistics provides transpacific end-to-end transportation management and supply chain services for Canadian retailers. Transpacific Container Terminal (TCTL) operates a Canadian network of off-dock import/export container terminal facilities. Ryder says this strategic acquisition adds complementary solutions to its capabilities, including consolidation services in key Asian hubs, as well as deconsolidation operations in Vancouver, Toronto and Montreal.
“The acquisition of TCTL and CRSA Logistics provides an excellent opportunity to supplement our organic growth initiatives by adding new capabilities to our service portfolio, and extending our footprint in the Canadian retail sector with a well respected management team that shares our focus and commitment to profitable growth and superior customer service,” says John Williford, Ryder’s president of Supply Chain Solutions. “We look forward to pursuing new growth opportunities in this geographic market.”
“This merger of talent and resources is a positive development for all our constituents, employees, customers and service partners,” Stewart says. “We look forward to leveraging the resulting opportunities to the benefit of all concerned.”