14 Oct 2009

Toll buys Japanese freight company

7:55 am on 14 October 2009

Australia's largest logistics group, Toll Holdings, is buying the Japanese express freight company, Footwork Express, for $A95 million.

Toll said it was buying the remaining 64% it does not already own of Footwork, a top-10 logistics company in Japan.

Footwork Express employs more than 5000 people and has a revenue of about $A775 million per year.

Toll says it will fund the acquisition through existing cash reserves, and it should be profitable within a year.