LOGISTEC to Acquire Fednav’s Terminal Division
FMT has operated terminal facilities at ports in Canada and the United States for over five decades. It provides stevedoring, handling and warehousing services for bulk, containerized, project cargo and general cargo. FMT also offers value-added on-carriage services, inventory management and 24/7 inland cargo transportation in Canada and the United States. For the year ended December 31, 2022, FMT generated revenue of $89.8 million with gross margins comparable to LOGISTEC’s marine segment.
The addition of 11 terminals represents a major expansion of LOGISTEC’s network, bringing its total to 90 terminals in 60 ports across North America. The combined network will provide strategic gateways for existing and future customers, allowing LOGISTEC to gain an important foothold in the Great Lakes region and access prime locations in the U.S. Gulf and East Coast regions.
The transaction is expected to close on or about March 31, 2023, subject to customary closing conditions.
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