Idemitsu acquires Australian oil distributor

Japan’s Idemitsu Kosan Co. has acquired 100% of an independent Australian oil product distributor, Freedom Energy Holdings Pty Ltd, as part of its goal to expand its business in growing overseas markets.
The Brisbane, Queensland-based company sells petroleum products using an import terminal and operates about 40 retail stations on Australia’s east coast.
The company, which was founded in 2001, employs 350 people. Sales volume is 650 million liters per year. Net sales came to A$843 million (US$883.2 million) in the period ending June.
The financial terms of the deal were not disclosed.