WWL and Prixcar have signed an agreement that sees WWL sell its inland transportation and technical service business in Australia to Prixcar in exchange for a 20 per cent share of Prixcar.

WWL will remain an active participant in the market through board representation and close co-operation with Prixcar.

 

Prixcar offers finished vehicle logistic services in Australia. Prixcar's primary focus is inland transportation and technical services for the auto segment, complementing WWL's focus on the heavy truck, rolling equipment and machinery segment. The joint business is expected to have an annual turnover in excess of A$250 million and a staff of around 1,000.

 

"This transaction and our new partnership with the Prixcar Group will increase the scale and geographic reach of our land-based activities in Australia, providing our customers with an enhanced product," said Craig Jasienski, president & ceo of WWL ASA.

 

As part of the transaction, the business incorporated as Wallenius Wilhelmsen Logistics Australia will be transferred to the Prixcar Group. The transaction does not include WWL ASA's Terminal business, the Melbourne International Ro-Ro Automotive Terminal (MIRRAT).

 

The deal is subject to regulatory approvals in Australia and is expected to close in Q1 2018.