Menlo Buying Asian Logistics Firm
Con-way Inc. unit Menlo Worldwide and Cougar Logistics Corp. said Thursday they have signed an agreement under which Menlo will purchase Cougar for $33.9 million.
Menlo will buy Cougar Holdings Pte Ltd., and its primary subsidiary, Cougar Express Logistics, the two said in a statement.
Singapore-based Cougar Express is a Southeast Asia freight forwarding, warehousing, logistics and distribution management company with operations in Singapore, Malaysia and Thailand.
It covers 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 revenue.
The deal is expected to take 90 days to close, the companies said.
Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
