MARKET MOVES: K&S to use purchase of Perth-based Pacific Transport to target WA resources
December 9, 2009
The K&S transport group will acquire Perth-based intrastate carrier Pacific Transport.
The company informed the stock exchange of the purchase late last week.
Pacific turns over $22 million annually and employs some 90 staff, focussing on the Perth to Broome and Derby regions of Western Australia.
The South Australian transport giant will use Pacific’s footprint in the north-west of the State to target the resources and oil and gas sectors.
K&S Managing Director Legh Winser says the acquisition “presents an exciting opportunity for the businesses currently operated by Pacific and K&S as it extends their capabilities and offerings”.
Pacific Transport, headquartered at Midvale, says it is “highly recognised as a premium provider of transport and logistics services throughout Western Australia and nation-wide”.
“We provide all modes of transport including general, refrigerated, specialised and sensitive cargo. We also specialise in over dimensional and heavy lift moves as well as comprehensive wharf and container services,” its website says.
The purchase will be funded with both debt and equity components, and K&S says it will be earnings per share positive immediately.
The acquisition is expected to be completed by mid-January.