Penske Logistics to Acquire Transfreight North America
Penske Logistics said it reached agreement to buy third-party logistics firm Transfreight North America from Mitsui & Co. Terms were not disclosed.
Transfreight North America operates from 27 locations across the Midwest, Canada and Mexico, with headquarters in Erlanger, Kentucky, and in Kitchener, Ontario, Canada.
“The Transfreight and Mitsui management teams have built a well-run and respected business over the last 27 years,” Penske Logistics President Marc Althen said in a statement.
“Customers from both companies will benefit from the strengths of the combined organization’s industry expertise, technological capabilities, and the breadth of supply chain and logistics solutions,” he said.
Mitsui last week bought a 20% investment in Penske Truck Leasing from General Electric Capital Corp.
“Under [Penske’s] leadership, we are confident that Transfreight North America will be able to deliver an excellent customer experience leveraging on its operational focus,” said Tatsuo Yasunaga, COO of Mitsui’s integrated transportation systems.
The companies said they expect the deal to be completed in the next 30 to 45 days.
Penske Logistics is ranked No. 32 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers and No. 20 on the Top 50 Logistics Companies list.
