8.1 C
Thursday, May 28, 2020
Home News Maersk closes acquisition deal with Perfromance Team

Maersk closes acquisition deal with Perfromance Team

A.P Møller – Maersk has announced that it closed its acquisition of Performance Team, a US-based warehousing and distribution company.

The Danish shipping organisation says the addition of Performance Team’s engineered solutions and distribution centre will integrate ideally with Maersk Warehousing & Distribution’s regional network of 20+ facilities in the US and Canada.

Container News reported the initial agreement between the two companies on 20 February.

Maersk believes that a premium Warehousing & Distribution network clearly creates multiple options in the supply chain with storage in the warehouse and in yards – as well as fulfillment to distribution centers, specific stores, and/or the end consumer.

“Our customers now have the opportunity to add Performance Team’s omnichannel fulfillment services into their supply chain to create a hold and flow model customised to their specific needs. This approach to marketplace fluctuations combined with the scope of our Maersk Warehousing & Distribution services, creates added flexibility and winning choices for supply chain managers ” said Narin Phol, regional managing director of Maersk in North America.

The transaction has been valued at US$545 million (enterprise value) including International Financial Reporting Standards (IFRS) 16 lease liabilities of around US$225 million. Performance Team 2019 EBITDA adjusted for IFRS 16 effects are estimated at US$90 million.

- Advertisment - LR Sustainability Decarbonisation Digital Adverts

Latest Posts

ZIM enjoys stronger Q1 results amid the global pandemic

Despite the impact of the Covid-19 crisis on the shipping industry, ZIM has achieved a significant improvement in its first-quarter performance, compared to the...

Beijing throws its weight behind VGM regulations

China’s Ministry of Transport has issued a directive that effective 1 June 2020, no overweight containers can be loaded on ships in the country’s...

Updated: Maersk to build methanol powered vessel

Maersk Line will build a container vessel powered on sustainable methanol as part of the proof of concept for the US$4.4 billion green fuels...

Costamare ship sale will herald new era in boxship demolition

A steep decline in demand as a consequence of the Covid-19 crisis and the faltering charter market has sparked an interest in the scrapping...

PIL confirms Temasek bailout discussions

Beleaguered Singaporean liner operator Pacific International Lines confirmed on 26 May 2020 that a unit of the Singapore government’s investment agency, Temasek Holdings, may...