TVS Logistics buys US based Wainwright Industries for Rs 50 crore

TVS Logistics on Thursday said that the company has acquired US based Wainwright Industries for Rs 50 crore.

This is the second acquisition for the company this year after it acquired UK based Rico Logistics for Rs 100 crore early this year.

The Chennai-based logistics company made an initial payment of Rs 25 crore for Wainwright and will pay the remaining over two years. The management has also said that the employees of the company will be retained and is also looking to add more employees in the future.

"With the acquisition of Wainwright, we have covered all the capabilities required to provide the end-to-end production supply chain solutions. With this, we can go to the customer to offer a complete outsourcing model", R. Dinesh, MD of TVS Logistics said.

TVS Logistics is targeting a total turnover of Rs 2,400 crore this year with its UK-dominated overseas operations contributing more than 60% of revenue.

The acquisition is also the second acquisition by TVS Logistics in USA after it acquired Manufacturers Equipment and Supply Company ( MESCO) in 2011, TVS said in a statement.