Toll Group acquires New Zealand's United Carriers

Media Release

7 May 2008

Toll Group acquires New Zealand's United Carriers

Toll Holdings, the Asian region's leading provider of integrated transport and logistics services, has signed a conditional purchase agreement for the business of United Carriers a Northland trucking company with an annual turnover of approximately NZ$50 million.

United Carriers employs 360 staff and has a fleet of 220 trucks. It has businesses in a range of logistics sectors including general freight, livestock, logging, warehousing and international freight forwarding.

"United is a very complimentary acquisition for Toll. It expands our existing businesses in New Zealand into Northland where our presence was previously limited," said Toll Holdings Managing Director Mr Paul Little.

"While Toll now has a presence in 44 countries around the world, this acquisition will further boost our presence in New Zealand. It also reaffirms our commitment to the New Zealand market following Monday's announcement of the sale of the rail operating business to the New Zealand Government.

"The purchase will be funded from working capital and is another demonstration of Toll's capacity to acquire quality assets as opportunities present themselves.

"United Carriers will especially add significant value to Toll's inter-modal road and rail business," Mr Little said.

The New Zealand Overseas Investment Commission has cleared the purchase which is expected to be completed next month.

ENDS

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