Dennis Uy-led Chelsea buys local logistics firm

Dennis Uy

Newly-listed Chelsea Logistics Holdings Corp. (CLC) has acquired 100 percent of local logistics firm Worklink Services Inc. (WSI), boosting its end-to-end transport services.

“WSI will augment our logistics and manpower businesses as well as create additional synergy within the group,” CLC president and chief executive officer Chryss Alfonsus Damuy said in a disclosure to the Philippine Stock Exchange on Thursday.

“The acquisition will prove even more valuable in steering CLC to greater heights by bringing in an experienced and competent management and staff, who have been in the logistics business for more than 20 years.”

Established in 1994, WSI provides courier, forwarding, trucking and logistics services, covering a wide range of merchandise goods such as documents, food, garments and industrial equipment.

The acquisition is seen in line with ongoing efforts to expand CLC’s operations and subsequently create more value for customers, investors, partner-communities and other stakeholders.

Of the fresh capital raised from its initial public offering, CLC has earmarked P1.78 billion for fleet expansion; P245 million for purchase and/or upgrade of ports, port facilities, containers, machineries and equipment; P3.2 billion for acquisition of other shipping and logistics firms; and P278 million for general corporate purposes.

“In every investment put into expanding our operations, we strive to ultimately provide better shipping and logistics services to Filipino businesses and consumers as well as create more jobs and support the economy’s growth,” Damuy said.