AD Ports Group (AD Ports) has announced that Noatum Terminals has acquired 100 per cent ownership of APM Terminals (APMT) Castellón in Spain for a total purchase consideration of €10 million ($10.95 million).
The agreement, which was reached with APMT, 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, according to AD Ports.
Noatum Terminals’ investment in Castellón, where it has already been managing a multipurpose terminal since 2004, is reportedly 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 existing facilities and equipment.
With the acquisition of APMT, Noatum’s combined capacity at Castellón is 250,000 square metres in size and an annual capacity to handle 250,000 TEU, representing around 70 per cent of the container volume capacity of the Port of Castellón.
Furthermore, the two terminals, which can also 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.
The purchase reportedly allows Noatum Terminal Castellón to expand its operational capacity for bulk, general cargo, and container processing while maintaining APMT’s third-party services and agreements at this location.
Joaquin Ramon Lestau, CEO of Noatum Terminals, Noatum, Logistics Cluster, AD Ports Group, said: “With this acquisition, we strengthen our position as a leading multipurpose port operator in the Western Mediterranean region.
“Noatum Terminals is committed to providing dedicated service, in line with the Noatum Group’s quality standards, to both existing and new customers, while making the necessary investments for the terminal’s operations to run smoothly and efficiently well into the future.”