Toll Refrigerated business sells for $6.5 million
Toll Group has sold its Toll Refrigerated business to Automotive Holdings Group for $6.5 million. The sale includes Toll’s Australian interstate linehaul and warehousing operations and will involve the transfer of 100 Toll staff to Automotive Holdings Group.
While these operations have revenues of around $75 million per year, they made a small operating loss in the 2011-2012 financial year. Since May, Toll has been conducting strategic reviews of some of its businesses.
“Due to the challenging market conditions and margin pressure faced by this business, we concluded that, in this case, divestment was the best option,” said Brian Kruger, Toll Group Managing Director.
“It is encouraging that we have been able to complete the review and conclude a positive result for both parties in such a short period of time.”
Toll will retain its other refrigerated transport and warehousing operations that are currently provided by other businesses within the Group.
Automotive Holdings Group also owns Rand Refrigerated Logistics.
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