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CP Ships to Acquire ROE Logistics
| 23.03.04 LONDON, UK (23 March 2004) - CP Ships Limited, one of the world's leading container shipping companies, and Montreal-based ROE Logistics have entered into an agreement for CP Ships to acquire ROE. "As a way of leveraging our strong regional positions and adding value to our core container services, we are selectively developing logistics services in markets where it makes sense," commented CP Ships CEO Ray Miles. "Well established in one of our key regions, ROE will enable us to build on the container transport services we offer our Montreal and Vancouver Gateway customers." ROE is a family-owned business founded in 1979 and has offices in Montreal, Toronto, Calgary and Vancouver with gross revenues (excluding customs duty and tax) of US$ 27 million. It specializes in providing a range of freight forwarding, customs brokerage, logistics, warehousing and distribution services. Robert Elvidge, founder and current owner, will remain as CEO. The acquisition is expected to close in the second quarter. -ends- |
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