Japan Post President and CEO Toru Takahashi joined Toll CEO Brian Kruger in Victoria to announce completion of the acquisition of Toll Group by the Japanese conglomerate, yet were quick to point out that the takeover will have little effect on the image and operation of Toll. Japan Post hopes the move will aid their bid to become a global powerhouse.
Takahashi spoke of “maximising enterprise value” by respecting Toll’s experience in transport and logistics and that the company would be left to run its own business in partnership with Japan Post.
“We regard Toll as a great partner and teacher in the field of global logistics, especially in the areas of forwarding and contract logistics,” said Takahashi. “By leveraging each other’s strengths we aim to become a leading company in the very competitive global logistics industry.”
Japan Post will select a new board for Toll, and is set to include senior Japan Post executives as well as former Toll Board members, including Nicola Wakefield Evans and Ray Horsburgh, who is set to become Chair.
Brain Kruger lauded the development as a “transformative development” and went on to say it “reflects the strength of our business and our people”, declaring the shared values and ambitions of the two companies as a “positive starting point.”
“We look forward to the next chapter as we work alongside our Japan Post colleagues to continue our focus on delivering the best possible logistics solutions for our customers. We’re determined not to lose sight of our home market when driving Japan Post’s international expansion. We know some companies have made this mistake before and we do not intend to repeat it.”