The CMA CGM Group has completed the acquisition of 90% of Fenix Marine Services (FMS) terminal in Los Angeles.
With the 10% stake already owned by the Group, CMA CGM is now sole owner of the FMS facility, based on the new deal worth $2.3 billion.
Now with the deal closed, CMA CGM will take over the operations of the facility with the goal of improving its service quality and capacity to better deliver upon its customers’ expectations. To do this several developments will be invested in in the coming years, including:
- An extension of the container yard to increase the terminal’s capacity in a staged approach
- An expansion of the terminal’s rail capacity in order to create one of the largest rail infrastructures in the United States
- The construction of a new berth
- The continuation of the terminal’s digital transformation
Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, said in November, “The swift recovery of the global economy has demonstrated the importance of ports and logistics infrastructure. In order to manage efficiently our port operations on the West Coast of the United States, we have decided to acquire Fenix Marine Services.
“Fenix Marine Services is one of the largest terminals in this country and one of its most strategic gateways. It is a key industrial facility which will significantly strengthen our position and support our rapid growth in this market.”
