The takeover of Toll Group by Japan Post has been completed and the two CEOs appeared together at a walkabout at the Toll Distribution Centre in Altona, Victoria. Japan Post President and CEO, Toru Takahashi, joined Toll CEO, Brian Kruger, on a tour of the facility to celebrate working together. Takahashi was in Australia for three days, visiting Toll sites in NSW and Victoria.
Reassuring the assembled media at a press conference at the end of his visit, Takahashi was at pains to point out the takeover will have little effect on the image and operation of Toll. The acquisition is only aimed at giving Japan Post an opportunity to build further on the existing structure and to use this as the foundation on which to develop Japan Post into a global powerhouse.
There was talk, from Takahashi of, ‘maximising enterprise value’ by respecting Toll’s experience in transport and logistics field. The company would be left to run its own business in partnership with Japan Post. The two partners are already in discussions about growing the current $40 billion business.
“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.”
A new board is to be selected to run Toll under Japan Post. It will include senior Japan Post executives as well as former Toll Board members, Ray Horsburgh, who will be Chair, and Nicola Wakefield Evans.
“This is a transformative development for Toll in Australia and abroad, and it reflects the strength of our business and our people,” said Kruger. “My personal experience from dealing with the team at Japan Post tells me we share the same values and ambitions, which is a very 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.”