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Mergers and Acquisition

Siemens Gamesa successfully completes acquisition of European Service assets and IP from Senvion

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Siemens Gamesa Renewable Energy announced the closing of the acquisition of Senvion’s European Service assets and Intellectual Property (IP). The transaction adds approximately 9.0 GW of serviced fleet and operations in 13 countries.

The addition of the Senvion assets marks an important step in the company’s growth strategy, part of the company’s L3AD2020 strategic program, and strengthens its competitive position in its multibrand portfolio.

Siemens Gamesa will now service an even broader range of wind turbine technologies. The Senvion service fleet will increase Siemens Gamesa multibrand footprint to more than 10 GW and its fleet under maintenance to approximately 69 GW. The addition of these assets helps to diversify Siemens Gamesa’s business mix and geographical exposure with contracts that offer long-term visibility and renewal rates that have been historically very high.

“This has been a unique opportunity for consolidation, a win for all parties and a perfect match for Siemens Gamesa. By integrating these assets and highly skilled professionals we will improve our position as a leading global service partner at a crucial moment for the wind industry´s growth. The transaction also offers Senvion’s customers a long-term solution for their servicing needs, following Senvion’s insolvency,” said Markus Tacke, CEO of Siemens Gamesa.

Siemens Gamesa has a strong and successful history of integrating companies, and has a robust integration plan for Senvion, as well as the financing lines and guarantees for this transaction, to ensure a successful operation from the first day.

Senvion Deutschland – and its European subsidiaries – were acquired as part of the transaction, and will now operate as a pure service provider within Siemens Gamesa Service Unit.

“This acquisition is an important part of our strategy to grow our multibrand service business. Now that we’ve successfully closed the transaction, we will focus on the integration and ensuring that operations continue smoothly,” said Mark Albenze, CEO of Siemens Gamesa’s Service business. “By acquiring all relevant know-how and IP to access the SCADA and controller software, technical knowledge on spare parts supply and Senvion’s remote control center, we are well positioned to offer competitive service solutions to all of Senvion’s customers worldwide,” he added.

As initially communicated to the markets on October 21, 2019, Siemens Gamesa continues progressing on the closing actions related to the acquisition of all the shares in Ria Blades, S.A., entity which owns and operates the business of the wind turbine blades production facility in Vagos, Portugal, and certain additional assets associated to said business. The objective is still to close the Ria Blades acquisition before the end of March 2020.

As reported on the same date, and subject to closing accounts confirmatory adjustments, the price to be paid in cash for the shares of Senvion Services and Ria Blades amounts to €200 million.

Siemens Gamesa will update information on the acquisition and integration of Senvion assets on February 4 at the presentation of its First Quarter fiscal year results.

Container Terminal

DP World acquires Fraser Surrey Docks

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DP World acquires Fraser Surrey Docks. Image: DP World
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DP World, the leading enabler of global trade, and one of the world’s largest port operators, announced today it has completed the acquisition of Fraser Surrey Docks from Macquarie Infrastructure Partners (MIP) alongside its partner Caisse de dépôt et placement du Québec (CDPQ).

This acquisition complements DP World’s footprint in Canada, which also includes terminal operations in Vancouver, Nanaimo, Prince Rupert and St. John’s. The integrated coast-to-coast platform provides customers with bulk, breakbulk and general cargo services.

DP World’s global strategy is to become a trade enabler and solutions provider as the company looks to participate across a wider part of the supply chain. DP World has invested significantly across its Ports, Logistics & Maritime Services businesses. The aim is to connect directly with customers to offer logistics solutions and remove inefficiencies in the supply chain to accelerate trade.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “The acquisition of Fraser Surrey Docks bolsters our footprint in the west coast of Canada. DP World has been seeing growing demand from our customers for multi-purpose facilities in the region and we believe Fraser Surrey Docks has the relevant infrastructure and is in the right location to service this demand. We are confident that our innovative approach will bring DP World’s best-in-class terminal operations to Fraser Surrey Docks.”

Matt Leech, CEO and Managing Director, DP World Americas, said: “This new addition to

DP World’s portfolio provides unique prospects for additional growth in the dynamic Canadian business environment. We look forward to helping Fraser Surrey reach its full potential and generating greater value over the long-term for DP World and its customers.”

Fraser Surrey Docks was founded in the early 1960s and has become the largest modern and multi-purpose terminal on the West Coast of North America. It operates more than 1,200 metres of berth, 189 acres of yard and is one of the region’s major steel import terminals. It moves approximately one million tonnes of agriproducts annually and serves several container lines, handling over 350,000 TEU in 2019.

DP World (Canada) Inc. General Manager, Maksim Mihic, noted: “DP World strives to create positive impacts for our people, our customers and the communities in which we operate. The addition of the Fraser Surrey Docks will create new jobs, and provide overall economic benefit to our community, the Province of British Columbia and to Canada as a whole.”

DP World has been a significant investor in Canada. As the operator of three terminals on Canada’s West Coast, the company provides a key gateway between Asia and the Pacific North West and looks forward to Fraser Surrey becoming the leading stevedore and general cargo operator in Canada.

A new acquisition as part of DP World’s global partnership with CDPQ

In 2016, DP World partnered with CDPQ to create a US$3.7-billion platform to invest in ports and terminals worldwide. Since then, the partnership has leveraged DP World’s strong track record in the port sector and CDPQ’s in-house infrastructure expertise to grow a high-quality portfolio of 10 ports and terminals across the globe, including locations in Canada, Chile, the Dominican Republic and Australia. DP World holds 55% of the platform and CDPQ holds the remaining 45%.

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Logistics & Supply Chain

A.P. Moller – Maersk to acquire the warehousing and distribution company Performance Team

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A.P. Moller - Maersk to acquire the warehousing and distribution company Performance Team. Image: Maersk
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A.P. Moller – Maersk announces that it has reached an agreement to acquire Performance Team, a US-based warehousing and distribution company, to further strengthen its capabilities as an integrated container logistics company, offering end-to-end supply chain solutions to its customers. As a leader in North America Warehousing & Distribution, Performance Team specializes in B2B and B2C distribution solutions within retail, wholesale and e-commerce with 24 warehousing sites. It has a track record of profitable growth of 17% per year for the last four years, and revenue for 2019 of USD 525m.

“With this acquisition we invest in premium operational capabilities to significantly boost our existing Warehousing & Distribution offering. This will strengthen our ability to deliver products and solutions that meet our customers’ end-to-end supply chain needs. With its strong platform, Performance Team is a good match for A.P. Moller – Maersk as they complement our current Warehousing & Distribution proposition to customers in North America and will enable future growth,” said Vincent Clerc, CEO of Ocean & Logistics at A.P. Moller – Maersk.

Maersk is targeting the Warehousing & Distribution component to offer more supply chain options and flexibility to its Ocean customers. The global size of the Warehousing & Distribution sector is estimated at more than USD 200bn and for North America it is USD 50bn.  There is a significant growth opportunity for 3rd party Warehousing & Distribution players as only a small part of the Warehousing & Distribution sector in North America is currently outsourced and e-commerce is growing 12% annually.

“We are going all the way for our customers, offering new ways to optimize their supply chains, grow their e-commerce business and find warehouses and distribution options. Performance Team’s expertise, market reputation and scalability will create significant performance gains for our customers that grow and complement our existing Maersk Warehousing & Distribution product in North America. We are especially excited to strengthen our e-commerce fulfillment capabilities since many of our retailers are looking to grow online retail sales in 2020 and beyond,” said Narin Phol, Regional Managing Director of Maersk in North America.

Performance Team is a family run business that began operations in 1987 in California, US. Today, the company operates 24 warehousing sites covering 800,000 square meters across strategic supply chain locations.

“Joining a global container logistics leader like A.P. Moller – Maersk is the ideal fit for Performance Team’s future growth, our customers and associates. Maersk has a significant presence here in the US. They have a continuous improvement mindset like ours and together we can clearly deliver attractive logistics solutions that make our customers more competitive while ensuring our employees grow with the business. Our focus will continue to be customer-centric and we are excited about delivering results for years to come,” said Craig Kaplan, CEO of Performance Team – who will remain CEO of Performance Team once the transaction closes.

In North America, Maersk Warehousing & Distribution is based in South Gate, California and has a regional network of 20+ facilities strategically located in the United States and Canada that offer warehouse and distribution solutions, including domestic consolidation, e-commerce fulfillment, inland drayage, facility and yard management and other value-added services.

The value of the transaction is USD 545m (EV) including IFRS 16 lease liabilities of around USD 225m. Performance Team 2019 EBITDA adjusted for IFRS 16 effects is estimated at USD 90m. The acquisition is subject to regulatory approvals and the transaction is expected to close 1 April 2020. Until obtaining required regulatory approvals and closing of transaction, Maersk and Performance Team remain two separate companies and thus will do their business as usual.

Profile of the combined entity:

Performance Team Maersk Warehousing & Distribution North America Combined business

Sites

24

22

46

Area (Square meters)

800,000

563,000

1,363,000

Turnover (USD milion)

525m

406m

931m

[1] Transport Intelligence (2019), Global Contract Logistics

[2] Transport Intelligence (2019), Global e-commerce Logistics

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Logistics & Supply Chain

Latest acquisition for Pall-Ex

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Latest acquisition for Pall-Ex. Image: Pall-Ex
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Pall-Ex (UK) Limited’s subsidiary company Cranleigh Distribution Services Limited, has acquired the goodwill of the UK Pallet operation from Cranleigh Freight Services Limited. This is the first purchase by the new Pall-Ex company which comprises of their UK senior management team and shareholder members.

The new business will share premises with the founder-member at Dunsfold Park.

Cranleigh Freight Services Limited was established by Colin and Pauline Young in 1977 with a single leased truck to provide logistics services to Europe.

It later added pallet distribution joining Pall-Ex in 1996 to offer customer next day pallet deliveries to every postcode every day before commencing its 2 man Home Delivery operation in 1999.

Going forward, Cranleigh Freight Services Limited will continue to concentrate and develop its European ‘Just In Time’ operation and 2 Man Home Delivery throughout the UK.

Kevin Buchanan, Group CEO of Pall-Ex, comments:  This is the first acquisition of our new era and marks an exciting opportunity for Pall-Ex to retain a high-quality distribution service in the south-east.

“As founder members, the team at Cranleigh Freight Services have been major players in establishing and building the Pall-Ex network, having consistently been one of our highest KPI performers year after year they emulate our quality ethos.

“Our shared values of quality customer service and innovation have made Cranleigh a valuable addition to the Pall-Ex network and have demonstrated to other members what can be achieved.

“All existing staff will be retained and become a valuable part of the Pall-Ex Team.”

“We look forward to building on the foundations that the team has put in place over the last 40-plus years.”

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