TVS Logistics Services Ltd. acquired second company in US called Wainwright Industries, the end-to-end supply chain provider. Wainwright Industries is headquartered in Missouri. The total amount of acquisition is 50 crore Rupees.
Wainwright Industries is the 65 year old company with the sales turnover of 20 million US dollar. It has two plants, both of which are based in the US. The company employs 300 people in all. Wainwright Industries has 13 crucial clients which also include General Motors.
The first company acquired by TVS Logistics Services Ltd. in US was Manufacturers Equipment and Supply Company (MESCO) in 2011.
TVS Logistics Services Ltd. decided to keep the present management as it is, which means that the current President of Wainwright Industries, David Robbins will play his role.
The acquisition will facilitate TVS Logistics Services Ltd. in adding unique service capabilities like moving ahead in value chain system, sub-assembly for manufacturers as well as cross-docking.
TVS Logistics Services Ltd. is the 2200 crore Rupees turnover company. Both UK and India contribute 1000 crore Rupees to the turnover of TVS Logistics. Remaining turnover is contributed by Thailand and US.