Japan’s Hitachi Transport System Ltd. acquired a stake of about 87 percent in U.S. logistics firm James J. Boyle & Co. as part of efforts to further expand its global operations.
Hitachi Transport System also acquired a stake of about 23 percent in San Francisco-based JJB’s subsidiary, JJB Link Logistics Co. Ltd., the Tokyo-based company said.
JJB holds a 55 percent stake in JJB Link Logistics. This means that Hitachi Transport System now holds a stake of about 71 percent in JJB Link Logistics, including a stake of about 48 percent it indirectly owns through JJB, the Japanese firm said.
According to Hitachi Transport System, JJB has annual sales of about 10 billion yen (US$98 million). The Japanese firm did not disclose the value of the transactions with JJB and JJB Link Logistics.
Hitachi Transport System, the logistics arm of Japanese industrial conglomerate Hitachi Ltd., has operations around the world, especially in North America, Europe and Asia.
Hitachi Transport System said on May 9 that it posted group revenue of about 547.5 billion yen ($5.4 billion) in fiscal 2012, which ended on March 31, down 1.2 percent from a year earlier. The company made a net group profit of about 11.2 billion yen ($109.8 million) in fiscal 2012, down 11.2 percent year-on-year.