UTi Buys 3PL Firm; Sets Three-for-One Stock Split

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Ti Worldwide said late Tuesday it had acquired a large third-party logistics and truck brokerage firm, and set a three-for-one stock split.

The air and ocean freight forwarder, which also provides warehousing and logistics services, acquired Portland, Ore.-based Market Industries Ltd., a privately held 3PL and multi-modal transportation company for $197.1 million.

Market Industries provides a variety of domestic freight management services, branded under the trade name Market Transport Services, to clients across the U.S. and Canada.

Meanwhile, UTi said its board has declared a three-for-one split of the company’s stock. Shareholders of record as of close of business March 17 will receive two additional shares for each share held.

It will distribute the additional shares on or about March 27.

UTi Worldwide — incorporated in the British Virgin Islands with operating headquarters in Rancho Dominguez, Calif. — is ranked No. 29 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.