COSCO Shipping Ports has announced the signing of a merger agreement with Tianjin Port Holdings and China Merchants International Terminals, consolidating a number of major terminal facilities.
According to a statement from COSCO, Tianjin Port Container Terminal Co. (TCT) will remain as the surviving entity of the merger, absorbing Tianjin Five Continents International Container Terminal (FICT) and Tianjin Orient Container Terminals (TOCT).
As the surviving entity, TCT will succeed all business, credits, debts and employees of FICT and TOCT.
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The merger is expected to boost each of the parties involved in the agreement, optimizing resource allocation, unifying management processes and lowering operational costs.
In addition to this, bringing each of the terminals together under the banner of TCT will help to increase competitiveness and raise efficiency.
The completion of the deal is conditional upon the consent of the employees’ congress of TCT, FICT and TOCT, as well as the publication of the notice to creditors.
