Shipping and freight company Toll Holdings (ASX:TOL) has expanded its presence in the Middle East with the purchase of Dubai-based Logistic Distribution Systems.
The financial terms of the purchase were not disclosed, but Toll said Logistic generates annual revenues of around $50 million, and the deal is expected to be earnings per share accretive from the first year of purchase.
“The Middle East – and in particular the UAE – is a key strategic market for Toll Global Forwarding,” group managing director Paul Little said.
He added that the acquisition will allow the company to develop a global trans-shipment hubs for freight movements between Europe and Asia.
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