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Australia’s largest provider of transport and logistics services, Toll Group (Toll), has reached agreement for leading rail operator Pacific National Rail (PN Rail) – part of Asciano Limited (Asciano) – to take over operation of the North Queensland rail service of the Toll Intermodal business on 1 February 2014.
Toll has entered into a 13-year rail haulage agreement with PN Rail that will enable it to continue to service its North Queensland customers.
The transaction further strengthens the long standing relationship between Toll and Asciano, and comprises a number of agreed actions between the parties. These include:
The majority of employees currently working in roles directly related to the train operation are anticipated to transfer to PN Rail.
Toll Group Managing Director Brian Kruger said, “This agreement is a very positive transaction for Toll and all of our North Queensland customers.”
“The deal allows us to continue to provide Toll Intermodal’s customers’ with long-term access to quality rail infrastructure and significantly enhances the operational flexibility of our North Queensland business. It also reduces capital employed in this part of the business, which will result in an improvement in our return on invested capital,” Mr Kruger said.
Download full ASX and media release Toll and Asciano strengthen rail relationship with North Queensland agreement PDF 24.3 KB
This article first appeared on www.tollgroup.com
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