John Swire & Sons Ltd (Swire) and Emergent Cold announced they have signed a Sale and Purchase agreement to sell Swire Cold Storage Pty Ltd and Swire Cold Storage Vietnam to Emergent Cold. Both cold storage businesses have been sold as a going concern and all assets, including customer and employee contracts, warehouses and land will be transferred to the new ownership. The transaction completed on December 22, 2017. Further details of the transaction were not disclosed
Swire Cold Storage is a leading provider of cold chain logistics in Australia. The business operates a network of temperature-controlled facilities across Australia, with sites totalling in excess of 65 million cubic feet, or 275,000 pallet spaces of refrigerated storage utilising advanced integrated warehouse and transport technologies.
Swire Cold Storage Vietnam is Vietnam’s premium provider of temperature and humidity-controlled warehousing, operating Vietnam’s first cold storage warehouse, a 36,000 pallet facility servicing Ho Chi Minh City. The company recently opened a second facility, a LEED Gold-standard 8,200 pallet warehouse to service Hanoi.
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Neal Rider, CEO of Emergent Cold, said, “Over the past 60 years, Swire has built the leading cold storage businesses in Australia and Vietnam through dedicated service to customers, commitment to employees and investment in high quality operations. We are excited to partner with this outstanding management team, and we look forward to supporting the continued growth and expansion of the businesses throughout Asia Pacific as part of Emergent Cold.”