31/05/2018 - 13:13

CTI in $4.5m freight buy

31/05/2018 - 13:13

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ASX-listed CTI Logistics has agreed to purchase regional freight company Stirling Freight Express for $4.5 million.

CTI in $4.5m freight buy
CTI and Stirling are service partners.

ASX-listed CTI Logistics has agreed to purchase regional freight company Stirling Freight Express for $4.5 million.

CTI and Stirling, which operates depots in Perth, Albany, Bunbury, Geraldton and Kalgoorlie, are service partners.

West Perth-based CTI said Stirling would be merged into its existing regional freight network.

The company said the deal would strengthen its service offering and generate significant operational efficiencies, including the amalgamation of the existing freight consolidation bases in Perth, Bunbury and Albany.

“The acquisition strengthens our position in the regional freight market, to offer regular services to all major centres and towns throughout the north-west and South West of Western Australia.”

The acquisition will be funded from CTI’s existing financing facilities.  

The news comes after CTI bought national business Jayde Transport for $7.5 million in October last year.

Shares in CTI were flat at $1.00 each at 3pm AEDT.

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