MOVE pulls out of Fluidex deal

In News1 MinutesBy NZ Trucking magazineSeptember 23, 2022

MOVE Logistics has pulled out of its Fluidex Transport deal over contract terms.

In August, MOVE entered into an agreement to buy the bulk liquids and dry powder transport firm for $15.2 million.

The vendors had sought to vary certain commercial terms of the transaction under their shareholder approval condition. The variations sought were not acceptable to MOVE, the transport and logistics group said via a statement on the NZX.

MOVE has one of the largest fuel and bulk liquid transport and logistics businesses in New Zealand. It said it will continue to focus on organic growth of this business, in addition to investigating other acquisition opportunities.

“The company is focused on growth and has identified a number of opportunities to extend its end to end supply chain offer and enhance customer value,” MOVE said.

“In particular, MOVE is building a new coastal and trans-Tasman shipping service which will benefit the New Zealand economy and help in decarbonising the freight sector.

“MOVE is well resourced to take advantage of changes in the sector to grow both organically and through bolt on acquisitions.”