AD Ports Group has announced that Noatum Terminals, the terminals operations business of Noatum Group, has acquired 100 percent ownership of APM Terminals Castellón in Spain for a total purchase consideration of $11 million (EUR 10 million).
The agreement, which was reached with APM Terminals, has obtained all regulatory and stakeholder approvals and the change of ownership will take place effective immediately.
According to the statement, “In parallel, a long-term agreement with the stevedoring union has been achieved which will assure stability and high productivity in the coming years.”
Noatum Terminals’ investment in Castellón, where it has already been managing a multipurpose terminal since 2004, is part of its strategy to consolidate its position in Spain.
The acquisition follows various improvements implemented at Noatum Terminal Castellón, aimed at modernizing and maintaining existing facilities and equipment. The acquisition allows Noatum Terminal Castellón to expand its operational capacity for bulk, general cargo, and container processing while maintaining APM Terminals’ third-party services and agreements at this location.
With the acquisition of APM Terminals, Noatum’s combined capacity at Castellón is 250,000m2 in size and has an annual capacity to handle 250,000 TEUs, representing around 70 percent of the container volume capacity of the Port of Castellón.
Mr. Joaquin Ramon Lestau, CEO of Noatum Terminals, Noatum, Logistics Cluster, AD Ports Group, said that, “With this acquisition, we strengthen our position as a leading multipurpose port operator in the Western Mediterranean region. Noatum Terminals is committed to providing dedicated service, in line with the Noatum Group’s quality standards, to both existing and new customers, while making the necessary investments for the terminal’s operations to run smoothly and efficiently well into the future.”