DP World acquires 44% stake in Swissterminal Holding
The Mayer family, who founded the business, remain majority shareholders
DP World acquired a 44 per cent share in Swissterminal Holding, a container terminal operator in Switzerland, effective from January 20.
The Mayer family, who founded the business, remain the majority shareholders, DP World said in a statement on Tuesday. The companies did not disclose the value of the deal.
"Swissterminal is a perfect match to our existing inland and seaport operations in Europe," Martin Neese, managing director of DP World Logistics, said. "We look forward to developing new intermodal solutions together for the benefit of our customers."
The transaction follows a string of deals by DP World in 2019 that included buying UK transport and logistics company P&O Ferries, Indian rail logistics company Kribhco Infrastructure and Chilean ports operator Puertos y Logistica. The Dubai-based ports operator's chief executive Sultan bin Sulayem told Bloomberg on January 20 that he sees growth opportunities in Africa and India.
Swissterminal, which is headquartered in Frenkendorf close to Basel, operates other locations in Zurich-Niederglatt, Basel-Birsfelden, Basel-Kleinhueningen and Liestal. The terminals are connected to Europe’s major container ports in Rotterdam and Antwerp as well as the ports of La Spezia, Genoa, Ravenna and Trieste south of the Alps.
DP World has 150 operations in more than 50 countries including ports, economic zones, warehousing, feeder services and inland transport.
The deal is expected to expand the companies’ terminal networks, increase efficiency and grow their service portfolios, DP World said.
Under the agreement, no major structural changes within the companies are planned, DP World said. Roman Mayer will continue to serve as Swissterminal’s chief executive.
“We are delighted to welcome DP World as our partner, particularly at a time when we are seeing numerous opportunities for Switzerland to grow its success as a major global logistics hub,” Mr Mayer said. “By merging our family-owned business with such a large, international organisation which shares our long-term vision, we will be well-equipped to deliver long-term sustainable growth and cater to a changing industry landscape."
Updated: January 21, 2020 07:54 PM