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Jan 02, 2024
Madrid [Spain], January 2 (ANI/WAM): AD Ports Group (ADX: ADPORTS), one of the world's premier facilitators of logistics, industry, and trade, announces that Noatum Terminals, the terminals operations business of Noatum Group, has acquired 100 per cent ownership of APM Terminals Castellon in Spain for a total purchase consideration (Enterprise Value - EV) of EUR 10 million.
The agreement, which was reached with APM Terminals, has obtained all regulatory and stakeholder approvals and the change of ownership will take place effective immediately. In parallel, a long-term agreement with the stevedoring union has been achieved which will assure stability and high productivity in the coming years.
Noatum Terminals' investment in Castellon, where it has already been managing a multipurpose terminal since 2004, is part of its strategy to consolidate its position in Spain. The acquisition follows various improvements implemented at Noatum Terminal Castellon, aimed at modernising and maintaining existing facilities and equipment.
With the acquisition of APM Terminals, Noatum's combined capacity at Castellon is 250,000m2 in size and an annual capacity to handle 250,000 TEUs, representing around 70 per cent of the container volume capacity of the Port of Castellon. Furthermore, the two terminals, which can also handle 2 million tonnes of bulk cargo alongside RoRo, are connected via direct rail links to the hinterland and serve the Mediterranean, Middle East, and North Africa regions - thereby positioning the port to be more competitive in capturing volumes and serving various industry sectors. It is also worth mentioning that the Castellon region holds the world's largest tile production, with 80 per cent of its production destined for export.
The acquisition allows Noatum Terminal Castellon to expand its operational capacity for bulk, general cargo, and container processing while maintaining APM Terminals' third-party services and agreements at this location.
Joaquin Ramon Lestau, CEO of Noatum Terminals, Noatum, Logistics Cluster, AD Ports Group, said: "With this acquisition, we strengthen our position as a leading multipurpose port operator in the Western Mediterranean region. Noatum Terminals is committed to providing dedicated service, in line with the Noatum Group's quality standards, to both existing and new customers, while making the necessary investments for the terminal's operations to run smoothly and efficiently well into the future." (ANI/WAM)
