POCL expands its presence in the industry
Feb 1, 2003 12:00 PM
Having completed an acquisition that expands its presence throughout the United States, P&O Cold Logistics (POCL) says it is now the fourth-largest public refrigerated warehouse operator in the nation and the fifth-largest in the world.
With an acquisition price of about $70 million, POCL has acquired 13 refrigerated logistics assets of CSI, a division of ProLogis. POCL has increased its position in California with eight of CSI's cold-storage facilities, while adding three more to its position in Texas and two operations in New Jersey, totaling some 50 million cubic feet.
POCL now has 49 internationally located warehouse facilities, 31 of which are in the United States.
The assets are acquired as part of a joint bid with Atlas Cold Storage USA Inc. After the acquisition, POCL's US capacity has increased by 55%, reaching 140 million cubic feet of temperature-controlled space. Total distribution center capacity across all POCL facilities worldwide now amounts to 200 million cubic feet.
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