Tuesday, September 25, 2012
C.H. Robinson to buy Phoenix International for $635M
C.H. Robinson Worldwide, a third-party provider of freight transport, will buy logistics company Phoenix International for $635 million, to include $571.5 million in cash and the remainder in stock. The $9.3 billion company, which contracts with 53,000 companies, is growing its global freight forwarding business.
"We see significant long-term opportunity in international forwarding as global trade expands, scale and technology continue to become more important, and shippers increasingly look to transportation providers to provide global services," said C.H. Robinson chief executive John Wiehoff in a statement.
Phoenix, which books air and ocean shipments for its customers, posted net revenue of $161 million in the fiscal year ended June 30. The logistics firm has more than 2,000 employees in 74 offices.
C.H. Robinson reported full-year revenue of $10.34 billion for the year ended December 2011.
For more of the Reuters story: in.reuters.com
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