The first letter seems to be a Greek "pi", The "L" in the middle is the Greek letter "gamma", but is upside down. the "E" at the end corresponds to the Greek letter "epsilon."
The first letter may be "pi" styllzed, or blended with another letter.
That's not an early Duplex or a later (post-Plomb Tool Co acquisition) Duplex, lending some credence to the European theory. Have you posted it on the "Old World" thread? If that's a common or popular European logo, it will be recognized there.
I don't think there's an evolution from two to one. Duplex patented the first cantilever here in the US in 1928 and it had the taller single handle. Maybe the two handle design variant was intended to simplify the construction (the cantilevers operate differently) or get the handle out of the way over the top of the tray.
I'm going to say its from Japan. Looks like an old Trusco or Toyo although the handles are a little different. They made many tool boxes in this configuration for other companies.