C H Robinson Worldwide to buy Phoenix International
25 Sep 2012
C H Robinson Worldwide Inc, one of the world's largest third-party logistics provider, today agreed to acquire its smaller rival Phoenix International, for $635 million in cash and stock in order to expand its international freight forwarding business.
North Dakota-based C H Robinson will pay $571.5 million in cash and approximately $63.5 million in newly-issued stock.
Chicago, Illinois-based privately-held Phoenix International provides international freight forwarding services, including ocean, air, and customs brokerage serving around 15,000 customers globally.
The company generated operating income of approximately $48 million in its most recently completed fiscal year ending 30 June 2012 on revenues of $161 million. It has approximately 2,000 employees, located in 76 offices spread over 15 countries, and
Founded in 1979, Minneapolis-based C H Robinson is a global provider of multimodal transportation services and logistics solutions, handling more than 10 million shipments for over 37,000 customers through a network of 234 offices in North America, Europe, Asia, South America, and Australia.
It is one of the largest third-party logistics companies in the world, with annual total revenues of over $10 billion.
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