Hisane Masaki | Jul 08, 2010 9:33AM EDT
Japanese freight forwarder Naigai Trans Line signed an agreement to acquire 100 percent of U.S. non-vessel operating common carrier Cargo One as part of efforts to establish a global operational network.
Naigai Trans Line said it signed the agreement with Fred Schlottmann, the top official of Great Neck, New York-based Cargo One.
The transaction is expected to close within three months. The Japanese company did not disclose the transaction value.
Naigai Trans Line, based in Osaka City, Japan, already has a Los Angeles-based subsidiary, NTL Naigai Trans Line (USA). The acquisition of Cargo One will give NTL a business foothold in the U.S. East Coast as well, the company said.
Outside of the U.S., NTL currently has overseas subsidiaries in Singapore, Bangkok, Jakarta, Shanghai, Tianjin, Dalian, Guangzhou, Seoul, Busan and Hong Kong.
Cargo One has a branch in San Francisco.
Cargo One, founded in 1986, posted $3.49 million in revenue and $20,000 in net profit in the financial year ended on Dec.31, 2009, according to Naigai Trans Line.
-- Contact Hisane Masaki at yiu45535@nifty.com.