Scales Corp. sells cold storage business to Emergent Cold
Scales provides supply chain services for importers, exporters and FMCG businesses.
Scales Corp. Ltd., New Zealand, announced plans to sell its cold storage businesses, Polarcold Stores Ltd. and Whakatu Coldstores Ltd. (which merged Jan. 1 under the Polarcold brand), to Emergent Cold, Dallas, Texas, for $151.4 million.
“We are proud to have built a market-leading position in the New Zealand cold storage industry,” says Andy Borland, managing director of Scales Corp. “We were approached by Emergent Cold, who see Polarcold as an ideal fit within their broader strategy of acquiring and developing a global network of cold chain businesses. Under the ownership of Emergent Cold, Polarcold will be able to offer its customers global cold chain solutions and its employees an opportunity to be part of a global enterprise.”