POCL further consolidates its US presence
Dec 1, 2002 12:00 PM
P&O Group has announced that P&O Cold Logistics (POCL) has signed contracts to consolidate further its United States presence through acquisition of certain refrigerated logistics assets of ProLogis. The acquisition price is about $70 million.
POCL will acquire eight cold storage facilities in California, three in Texas, and two operations in New Jersey, totaling some 50 million cubic feet, as well as a significant distribution capability. It will make POCL the fourth-largest operator of refrigerated warehouses in the United States, according to the P&O Group.
The assets are acquired as part of a joint bid with Atlas Cold Storage USA Inc. After the acquisition, the US capacity of POCL will increase by 55%, reaching 140 million cubic feet of temperature-controlled space. Total distribution center capacity in all POCL facilities worldwide will total 200 million cubic feet.
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