Penske Logistics acquires Transfreight North America
Transfreight North America currently operates from 27 locations across North America
READING, Pa.—Supply chain management and logistics services firm Penske Logistics has agreed to acquire third-party logistics provider Transfreight North America. Transfreight’s Canadian headquarters is in Kitchener, Ont.
Transfreight is currently owned by the massive Japanese industrial and energy conglomerate Mitsui & Co., Ltd. Financial terms were not disclosed.
“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,” said Penske Logistics president Marc Althen.
Transfreight North America currently operates from 27 locations across the Midwest, Canada and Mexico with headquarters in Erlanger, Ky.
The deal is subject to customary closing conditions and is expected to close in about 45 days.
Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing and has operations in North America, South America, Europe and Asia.
Mitsui & Co., Ltd. is a comprehensive trading, investment and service enterprise. Headquartered in Tokyo, Mitsui maintains a global network of 142 offices in 66 countries, and has 426 subsidiaries and associated companies worldwide.