WWL cancels PrixCar deal for Australian logistics business

Shipping company Wallenius Wilhelmsen Logistics ASA (WWL) – also known as Wallenius Wilhelmsen Solutions (WW Solutions) – has terminated its November 2017 plan to sell its inland transportation and technical service business in Australia to Australian vehicle storage and transportation company Prixcar, in exchange for a 20 per cent ownership share in Prixcar.
In a statement, WWL noted that the company is “well positioned for further growth in the Australian market” and now wishes to pursue new opportunities.
WWL has been working to find a partner to be able to grow in the land-based logistics market in Australia. The company has noted that is has been “fully committed” to a partnership, but due to a number of delays to the process and significant changes, has made the decision to withdraw from the transaction.
“The company is now well positioned for further growth in the high and heavy equipment space, especially in light of the capabilities added to the group with the recent acquisition of Keen Transport in North America,” the company stated.
Ray Fitzgerald, Chief Operating Officer, WW Solutions, added: “Our fundamentals are good and our ambition within the Australian market matches our global strategic objective to build unrivalled capability to serve the high & heavy equipment industry.”