U.S. based Penske Logistics LLC just came to an agreement with Mitsui & Co., Ltd. to purchase Transfreight North America. Penske is an established leader in the logistics industry and this acquisition will place them to excel and rapidly grow. Both companies are customer focused with similar cultures. The acquisition deal is expected to happen smoothly within the next 30 to 45 days. Specific details of the deal were not released to the public.
Penske plans to combine the expertise of both companies to deliver best-in-class services to their customers. Marc Althen, Logistics President at Penske said, “The Transfreight and Mitsui management teams have built a well-run and respected business over the last 27 years. This acquisition provides us with a very complementary mix of business and services as well as new team members from a highly customer-focused culture. Layoffs will most likely occur, but Penske wants to draw on the expertise of the employees at Transfreight.
Transfreight North America is a company that provides logistics services to automotive manufacturers and other industries. They have 27 locations throughout the U.S., Canada, and Mexico. Their headquarters are in Erlanger, Kentucky and Ontario, Canada. Penske has not announced whether all of these locations will remain in operation or if consolidation will occur. Penske has locations across the U.S. and some of their facilities services the same areas as Transfreight’s existing infrastructure. That means there are still some areas of the acquisition deal that need to be smoothed out.
The acquisition deal is a smart move on the part of Penske because it introduces them to the fast growing automotive industry. Car manufacturers across the U.S. need parts delivered daily and Transfreigt had already tapped into this logistics need. Transfreight brings many other benefits to Penske, as well.