Kintetsu World Express finalized its purchase of APL Logistics from Neptune Orient Lines May 29 for US$1.2 billion. Kintetsu, a Japanese company, supports consumer electronics, automobile manufacturing, aerospace and health care, while Singapore-based APL’s strengths lie in finished automobiles, retail and industrial materials.
The same day, the Japan Post finalized its $5 billion purchase of Australia’s Toll group. The new board of directors includes a combination of senior Japan Post executives and former Toll board members. Ray Horsburgh will be the chairman of the new board.
Satoshi Ishizaki will continue as president and CEO of Kintetsu. The APL headquarters in Singapore will be retained and run as a separate unit.