Executive Briefings

C.H. Robinson Buys Freight Forwarder Phoenix International

C.H. Robinson Worldwide has agreed to purchase freight-forwarding rival Phoenix International Inc. for $635m in cash and stock options. C.H. Robinson expects the deal, which is slated to close in the fourth quarter of 2012, will modestly add to earnings per share in the first year, while boosting C.H. Robinson's international freight forwarding activities.

"We see significant long-term opportunity in international forwarding as global trade expands, scale and technology continue to become more important, and shippers increasingly look to transportation providers to provide global services," C.H. Robinson CEO John Wiehoff said.

"Together, Robinson and Phoenix will be in a strong competitive position to capitalize on those growth opportunities and continue expanding our market share," he added.

Phoenix, a Chicago-based freight forwarder and Customs broker, recorded net revenue of approximately $161m in the fiscal year that ended June 30.

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"We see significant long-term opportunity in international forwarding as global trade expands, scale and technology continue to become more important, and shippers increasingly look to transportation providers to provide global services," C.H. Robinson CEO John Wiehoff said.

"Together, Robinson and Phoenix will be in a strong competitive position to capitalize on those growth opportunities and continue expanding our market share," he added.

Phoenix, a Chicago-based freight forwarder and Customs broker, recorded net revenue of approximately $161m in the fiscal year that ended June 30.

Read Full Article