Monday, April 7, 2014

Spanish Container Shipping Terminal Part Acquired by Japanese Giant and Logistics Group

Part of Valencia Stevedoring Company Sold to Add Group Credibility and Assist Further Expansion
Shipping News Feature

SPAIN – JAPAN – The Mitsubishi Corporation which has a penchant for acquiring and developing assets in a plethora of industries with a portfolio of companies which includes everything from natural resources development to investment in retail business, shipping, infrastructure, financial products and manufacturing of industrial goods, has joined with ports and logistics specialist fellow Japanese group the Kamigumi Corporation to purchase a 25% stake in Valencia’s Port Container Terminal, the TCV Stevedoring Company from Grup TCB.

The Spanish port management outfit says the alliance will enable it to push on with the development of container terminal operations in Asia and Africa whilst enabling the companies to ‘to build immediate synergies in certain projects in these geographies or in other areas where Grup TCB is already present, such as Latin America and the Mediterranean’.

The tie up with Mitsubishi is designed to strengthen Grup TCB’s potential for funding new, more ambitious international projects that, by their nature, require large investments and more partners of recognised solvency and dimension. Meanwhile Grup TCB retains its 75% share in the Spanish stevedoring operation with the amount of cash paid for the 25% share to be speculated upon.

Photo: Valencia Port