This Subsidiary of AsiaPac Cargo recently acquired Rodeo Drive, a Philippines based logistics company, in an all-cash transaction.

Rodeo Drive is an import/export and logistics company catering to the semiconductor export market, more specifically semiconductor components and supplies. It is located in the Subic Bay Economic Zone, the former U.S. navy base in the northern Philippines. Its customer base includes Asahi technologies; Pentax Optical; Yazaki Mfg; Mizuho Packaging; and Zimitsu Semiconductor Co. amongst others.

 
Status Update

Rodeo Drive gross revenues reached nearly Php 110 million (just under 2 million Euros) for the second quarter of 2010, up dramatically from roughly Php 7 million in the first quarter results. The dramatic increase in sales is due to several new clients, and expansion beyond its core business of semiconductor components and supplies to active trading of pulp and paper products. While the margin of this trading activity are quite thin, with markup on sales of only 1%, gross income and net income both improved significantly from first quarter results, reaching just over Php 1 million in the second quarter for net income before taxes, up from Php 220,000 in the first quarter.