BYLINE: Janet Plume
PWC Logistics of Kuwait has purchased Transoceanic Shipping Co. of New Orleans, giving the Middle East's largest logistics firm an entry into the U.S. and Transoceanic access to offices and warehouses throughout the Middle East.
PWC paid an undisclosed sum of cash to members of the Rusovich family, who have owned Transoceanic Shipping since founder Basil Rusovich died in 2003. PWC Logistics, which is reputed to be the leading provider of end-to-end supply-chain solutions in the Middle East, is listed as WARE on the Kuwait stock exchange with a market capitalization value of $7.5 billion. PWC now owns all shares of Transoceanic.
Gregory Rusovich, who has been at the helm of Transoceanic since his father's death, will remain president of the U.S. project forwarder. The 58-year-old Transoceanic name also will remain in tact, Rusovich said.
"This merger gives Transoceanic access to the resources needed to continue its rapid growth, including PWC's strong information-technology platform and its infrastructure in the Middle East, Africa and Asia," Rusovich said.
This union forms one of the world's largest specialized logistics-management providers, with offices in 28 countries spread across the globe. Transoceanic will gain access to the resources needed to continue its rapid growth, including PWC's IT platform. Transoceanic will also be able to leverage PWC's infrastructure in the Middle East, Africa and Asia to offer its customers an expanded range of supply-chain services.
"As the Middle East continues its growth surge in oil and gas (both upstream and downstream), industrial and power verticals, the combination of PWC Logistics and Transoceanic provides the comprehensive logistics solutions these industries need to keep pace with rapidly changing market conditions," a company release indicated. "With the skill set and the technical …