Toll has sold its refrigerated business to Automotive Holdings Group Ltd, the owners of Rand Refrigerated Logistics for $6.5 million.
The sale was announced today on the Australian Stock Exchange (ASX), and will see about 100 staff transfer to the Automotive Holdings Group.
The revenue for Toll Refrigerated’s interstate and consolidated warehousing operations in the year to 30 June 2012 is around $75 million.
The move is part of a strategic review conducted by the company in May.
“Due to the challenging market conditions and margin pressure faced by this business, we concluded that, in this case, divestment was the best option,” Toll Group Managing Director, Brian Kruger, said in the statement.
“It is encouraging that we have been able to complete the review and conclude a positive result for both parties in such a short period of time.”
Other refrigerated transport and warehousing operations provided by other businesses within the group will be retained by Toll.