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SWIRE SELLS SWIRE COLD STORAGE TO EMERGENT COLD

2018-01-03 17:31:06

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SWIRE SELLS SWIRE COLD STORAGE TO EMERGENT COLD

 

John Swire & Sons Ltd (Swire) and Emergent Cold announced they have signed a Sale and Purchase agreement to sell Swire Cold Storage Pty Ltd and Swire Cold Storage Vietnam to Emergent Cold. Both cold storage businesses have been sold as a going concern and all assets, including customer and employee contracts, warehouses and land will be transferred to the new ownership. The transaction completed on December 22, 2017. Further details of the transaction were not disclosed.

Swire Cold Storage is a leading provider of cold chain logistics in Australia. The business operates a network of temperature-controlled facilities across Australia, with sites totalling in excess of 65 million cubic feet, or 275,000 pallet spaces of refrigerated storage utilising advanced integrated warehouse and transport technologies. 
 
Swire Cold Storage Vietnam is Vietnam’s premium provider of temperature and humidity-controlled warehousing, operating Vietnam’s first cold storage warehouse, a 36,000 pallet facility servicing Ho Chi Minh City. The company recently opened a second facility, a LEED Gold-standard 8,200 pallet warehouse to service Hanoi. 
 
John Swire & Sons Australia Chairman, Geoff Cundle, said that Swire has had a long and successful history in the cold storage industry in Australia dating back to 1956 and Vietnam since 1998. “Today, Swire Cold Storage (SCS) is a well-managed, profitable business with an excellent safety culture. It has been a pleasure working with SCS Australia, Managing Director, Greg Holt and SCS Vietnam General Director, Ngo Quang Trung and their management teams to significantly improve safety and profitability of Swire Cold Storage and position the companies for continued growth under Emergent Cold’s ownership. Swire will continue to focus on growing its specialised logistics and contract mining services business, Kalari HSE, and will be seeking other investment opportunities of scale in Australia.”
Neal Rider, CEO of Emergent Cold, said, “Over the past 60 years, Swire has built the leading cold storage businesses in Australia and Vietnam through dedicated service to customers, commitment to employees and investment in high quality operations. We are excited to partner with this outstanding management team, and we look forward to supporting the continued growth and expansion of the businesses throughout Asia Pacific as part of Emergent Cold.”