After careful evaluation, APM Terminals has decided to divest its terminal facility in Castellón, Spain (APM Terminals Castellón) upon reaching an agreement with Noatum Terminals, which is part of Noatum, an AD Ports Group company.
The agreement, which saw Noatum Terminals acquire 100% of the facility for a total purchase consideration (Enterprise Value – EV) of EUR 10 million, has obtained all regulatory and stakeholder approvals and the change of ownership will take place effective immediately. 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 ‘s 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 modernising and maintaining the existing facilities and equipment.
With the acquisition of APM Terminals, Noatum’s combined capacity at Castellón is 250,000m2 in size and an annual capacity to handle 250,000 TEUs, representing around 70% of the container volume capacity of the Port of Castellón.
In addition, the two terminals, which also can handle 2 million tonnes of bulk cargo alongside RoRo, are connected via direct rail links to the hinterland and serve the Mediterranean, Middle East and North Africa regions – thereby positioning the port to be more competitive in capturing volumes and serving various industry sectors. It is also worth mentioning that the Castellón region holds the world’s largest tile production, with 80% of its production destined for export.
APM Terminals decided to divest its terminal in the Port of Castellón after careful consideration which concluded that the terminal’s activities do not fit fully with its business strategy. Keeping in mind the existing commitment to the port and its customers, the company subsequently sought an investor with a strong position in Castellón alongside capabilities and commitment to serve the customers and the specific needs of the terminal.
With this acquisition, Noatum Terminal Castellón expands its operational capacity for bulk, general cargo and container processing, while maintaining APM Terminals’ third-party services and agreements at this location.
“This decision comes after careful analysis. The Castellón terminal, acquired by APM Terminals in 2015 with the purchase of the TCB Group, is not a strategic asset for APM Terminals and A.P. Moller–Maersk, and therefore plays a limited role in achieving our strategic goals,” commented Carlos Arias, Managing Director, Spanish Gateway Terminals at APM Terminals.
Source: APM Terminals