Research Desk Line-up: ZTO Express (Cayman) Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for C.H. Robinson Worldwide, Inc. (NASDAQ: CHRW) ("C.H. Robinson"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=CHRW. The Company announced on September 01, 2017, the acquisition of Milgram & Co. Ltd ("Milgram"), a leading provider of customs brokerage and international freight forwarding in Canada, for approximately $62 million. Milgram will become a part of C.H. Robinson's Global Forwarding division and the latter will integrate Milgram to Navisphere, its single global technology platform. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Discover more of our free reports coverage from other companies within the Air Delivery & Freight Services industry. Pro-TD has currently selected ZTO Express (Cayman) Inc. (NYSE: ZTO) for due-diligence and potential coverage as the Company announced on August 22, 2017, its unaudited financial results for Q2 2017 which ended on June 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on ZTO Express (Cayman) when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CHRW; also brushing on ZTO. Go directly to your stock of interest and access today's free coverage at:
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Terms of the Acquisition
- The deal is valued at approximately $62 million CAD, with about $50 million USD in cash.
- The buyout will be financed through cash and funds drawn from C.H. Robinson's existing revolving credit facility.
- The acquisition is expected to be approximately neutral to earnings in 2017, and slightly accretive in 2018.
- The management, employees, and all the processes of Milgram are likely to remain mostly unchanged.
Acquisition Continues C.H. Robinson's Global Expansion & Provides an Opportunity to Strengthen Customs Brokerage Offerings in Canada
John Wiehoff, Chairman and Chief Executive Officer (CEO) of C.H. Robinson, mentioned that this acquisition continues the Company's global expansion and marks its third Global Forwarding acquisition in the past five years. John added that he is extremely proud of the progress the Company has made in bringing these companies into C.H. Robinson, and Milgram provides another unique opportunity to strengthen the Company's global forwarding and customs brokerage offerings in Canada.
Milgram to Collaborate with C.H. Robinson to Leverage its Worldwide Network
Jay Goldman, President and CEO of Milgram, expressed his excitement to build on the Company's success by providing supply chain expertise and execution, refining processes, and being an integral part of its businesses. Jay further added that Milgram is looking forward to collaborate with C.H. Robinson to grow its presence and provide its customers with the opportunity to leverage C.H. Robinson's worldwide network and world-class service offerings.
C.H. Robinson's Last Acquisition, APC Logistics in 2016
As per the news release, on September 30, 2016, C.H. Robinson completed the acquisition of APC Logistics, a leading provider of freight forwarding and customs brokerage services in Australia and New Zealand, for approximately $300 million AUD. The deal has helped C.H. Robinson to expand its global presence.
About C.H. Robinson Worldwide, Inc.
C.H. Robinson is one of the world's largest third party logistic providers, providing freight transportation, transportation management, brokerage, and warehousing services to more than 113,000 customers across the world. Headquartered in Eden Prairie, Minnesota, C.H. Robinson has a network of offices operating in North America, Europe, Asia, Australia, New Zealand, and South America.
C.H. Robinson's Global Forwarding Business
C.H. Robinson's Global Forwarding business currently serves five continents and 31 countries, with over 4,000 employees and 125 offices worldwide. Global Forwarding's customers leverage C.H. Robinson's considerable freight volumes to access available capacity at competitive rates.
About Milgram & Co. Ltd
Founded in 1951, Milgram is a leading provider of customs brokerage and international freight forwarding in Canada. The Company also offers cargo insurance, consulting and trade advisory, surface transportation in North America, and warehousing and distribution capabilities. Milgram is headquartered in Montreal, Canada.
Last Close Stock Review
On Friday, September 01, 2017, the stock closed the trading session at $70.17, marginally falling 0.65% from its previous closing price of $70.63. A total volume of 1.40 million shares have exchanged hands. C.H. Robinson Worldwide's stock price advanced 6.80% in the last one month and 4.33% in the past three months. The stock is trading at a PE ratio of 20.59 and has a dividend yield of 2.57%. The stock currently has a market cap of $10.19 billion.
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