Thursday, November 1, 2007

UTi Worldwide completes forming its consolidated subsidiary in Israel

UTi Worldwide, an international non-asset-based global integrated logistics company registered in the British Virgin Islands, has made an announcement in the middle of October that it has completed the acquisition of controlling package of interests of Newlog Ltd. from Zim Integrated Shipping Services Ltd., the subsequent merger of Newlog into UTi's wholly-owned Israeli subsidiary, UTi Eilat Overseas Ltd., and the acquisition of certain assets, including goodwill, of Transclal Trade Ltd.

The consolidated entity will now operate under the trade name UTi Logistics Israel, as both companies, Newlog and Transclal, were leading providers of freight forwarding services in Israel.

John Hextall, chief operating officer of UTi Worldwide, has commented on this deal: “With the successful completion of this business combination, we are pleased that UTi is now one of the top
airfreight and ocean freight forwarding and logistics companies in Israel”.

UTi Logistics Israel will be lead by M. Friedman, CEO and majority shareholder of Transclal Trade Ltd., and Dr. Yoram Sebba, formerly vice chairman of Zim Integrated Shipping Services Ltd.