Australia’s largest provider of transport and logistics, Toll Group, has today celebrated its first official day as part of Japan Post following its US$5.1 billion takeover.
The A$6.5 billion (US$5.1 billion) acquisition was overwhelmingly approved by Toll Group shareholders earlier this month and the company was de-listed from the Australian Stock Exchange. Toll formally became a Japan Post division yesterday (May 28).
Japan Post President & CEO Toru Takahashi joined Toll Group Managing Director Brian Kruger at one of Toll’s Melbourne distribution centres to mark the historic day. Takahashi, whose three-day visit to Australia included visiting sites and meeting employees in Sydney and Melbourne, said he was looking forward to working with Toll to establish Japan Post as a top global logistics player.
“We regard Toll as a great partner and teacher in the field of global logistics, especially in the areas of forwarding and contract logistics,” he said. “By leveraging each other’s strengths we aim to become a leading company in the very competitive global logistics industry.”
Takahashi announced the formation of a new board that will provide governance to Toll under Japan Post. The new board includes a combination of senior Japan Post executives as well as former Toll Board members, Ray Horsburgh and Nicola Wakefield Evans. Horsburgh will act as Chairman of the new Board.
“Establishing appropriate governance and support will help Toll maximise its enterprise value as a global logistics player with Japan Post,” Takahashi said.
Toll Group Managing Director Brian Kruger said he was excited about Toll’s future under Japan Post. “This is a transformative development for Toll in Australia and abroad, and it reflects the strength of our business and our people,” he said. “The 140-year-old Japan Post is a much-respected organisation and it is an honour to now be part of the Japan Post family.”
Kruger said the strength of Toll’s brand was reflected in Japan Post’s desire to retain the Toll name and grow the business. “We look forward to the next chapter as we work alongside our Japan Post colleagues to continue our focus on delivering the best possible logistics solutions for our customers.”
Toll Group continues to operate its express and freight services under its own brand, and is positioned as the Japanese group’s “key growth platform” in the worldwide logistics sector.
