China Merchants Americold Logistics Company Ltd. (CMAC), a 51-49 joint venture between China Merchants Holdings Co. International Ltd. (CMHI) andAmericold Realty Trust , Atlanta, said it acquired a 70-percent stake inChina Merchants International Cold Chain Co. Ltd., (CMCC) in Shenzhen, China.
Separately, CMAC said it also agreed to purchaseKangXin Logistics(KXL) fromRich Products Corp., Buffalo, N.Y.
CMAC said it paid approximately $USD 90 million for both transactions
KXL owns and operates five temperature-controlled distribution centers in China, located in Beijing, Tianjin, Suzhou, Qingdao and Guangzhou with satellite warehouses in eight more cities. KXL also has a new warehouse in Harbin scheduled to come online during the fourth quarter of this year -- bringing the business' temperature-controlled warehouse capacity to 560,000 square feet. KXL also operates more than 110 temperature-controlled transportation vehicles, officials said.
Said Americold, "The establishment of CMAC and the acquisition of KXL and CMCC enables both joint venture partners to solidify CMAC as China's premier third-party temperature-controlled logistics provider, operating an integrated nationwide platform across 15 cities in China. CMAC plans to develop and promote cold chain logistics services in the broad consumer goods market in China."
Americold, partner buy Chinese cold chain operations
August 26, 2010