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Japanese railroad to acquire N.Z. firm

Jiji Press FUKUOKA (Jiji Press) — Nishi-Nippon Railroad Co. said Tuesday that it will acquire a 90 percent equity stake in GCS Logistics Ltd. of New Zealand, which mainly offers maritime cargo transportation services.

The railway operator, based in Fukuoka, did not disclose the value of the deal.

Nishi-Nippon Railroad, which aims to expand its international logistics network under its medium-term business plan, hopes that the acquisition will enhance the company’s footing in the Oceania region.

In fiscal 2016, Auckland-based GCS posted 14.32 million New Zealand dollars in operating revenue and N.Z.$355,000 in operating profit. It had 17 employees at the end of March last year.Speech

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