Noatum Acquires APM Terminals For $11million
By Obiabin Onukwugha
Noatum Terminals, a business unit of Noatum Group, has successfully acquired 100% ownership of APM Terminals Castellón in Spain for a total consideration about US$11 million.
The acquisition enables Noatum Terminal Castellón to expand its operational capacity for bulk, general cargo, and container processing while upholding third-party services and agreements previously held by APM Terminals in Spain.
Reports say, the agreement, finalized with APM Terminals, has received regulatory and stakeholder approvals, and the change in ownership is effective immediately. Also, a long-term agreement with the stevedoring union has been secured, ensuring stability and high productivity in the years ahead.
Before the acquisition, Noatum Terminals in Castellón has been managing a multipurpose terminal since 2004, which aligns with its broader strategy to strengthen its foothold in Spain.
In addition, the acquisition builds upon the various enhancements implemented at Noatum Terminal Castellón, focusing on the modernization and upkeep of existing facilities and equipment.
According to a statement issued by its authorities, the combined capacity at Castellón, following the acquisition of APM Terminals, now stands at 250,000 square metres, with an annual capacity to handle 250,000 TEUs, representing approximately 70% of the container volume capacity of the Port of Castellón.
The two terminals, equipped to handle two million tonnes of bulk cargo alongside RoRo, are seamlessly connected through direct rail links to the hinterland, serving the Mediterranean, Middle East, and North Africa regions.