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P PORTS
Page 15
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'Business as usuaL; says PD Ports, after acquisition by Canadian group
By David Harris PD PORTS, THE Middlesbrough-based UK ports and logistics business, has been bought by the Canadian group Brookfield Asset Management.
A spokesman for the ports group, which operates Teesport and ports on the Humber estuary, among other businesses, says the sale will not result in redundancies. Day-to-day operations and planned investments are expected to continue.
Brookfield has taken over PD Ports as part of a larger deal in which it is investing in the former parent company of the ports group, the Australian company Babcock and Brown Infrastructure, PO Ports upset hauliers earlier this year with a plan to introduce a 25 gate charge to contribute towards infrastructure development (CM 27 January). It abandoned the plan after it became dear a significant number of hauliers would refuse to pay it,
The PD Logistics division runs warehousing and distribution services. at 13 points across the North-East, Humberside and East Anglia, including Felixstowe.
One advantages of the BBI sale could be that PD Ports will become financially stronger.
David Robinson, PD Ports group chief executive, says the deal will "enable PD to move forward and focus on growing our business. As a result of the sate, PD Ports has a new financial structure, which will provide a stable platform to support growth."
Development plans for the ports include a new deep-sea container terminal at Teesport It is expected to cost more than 2300m and create more than 5,000 new jobs in the Tees Valley. PD Ports employs more than 1,140 people.