CP Ships Acquires Borg Intl.
May 6, 2005
CP Ships Limited has acquired Borg International Freight Services Inc.
Based in Montreal, Borg specializes in ocean and air freight forwarding and employs 22 people. Its annual gross revenue in 2004 was US $14 million.
"The acquisition of Borg is a continuation of our plan to selectively develop logistics services as a way of leveraging strong regional market positions and adding value to our core container services. With Borg's Asian focus, we can build on the platform created by our acquisition of ROE Logistics a year ago," said Chairman Ray Miles.
Borg's owner and founder Richard Azoulay is assuming a management role within the CP Ships logistics organization. Andy Wescoat appointed director of ExxonMobil Marine Fuels
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