Ontario Teachers form company to direct marine terminal investment
The Ontario Teachers' Pension Plan said it has created a new company, Global Container Terminals Inc. (GCT), to operate the three container terminals it recently acquired from Hong Kong-based Orient Overseas International Ltd. for $2.4 billion.
Two terminals, Vanterm and Deltaport, are located in the Port of Vancouver, Canada. The other facility, Global Terminal, is located in Bayonne, N.J. A fourth terminal, New York Container Terminal, is also part of the deal pending review by the Port Authority of New York and New Jersey.
Norman Stark has been appointed chief executive officer of GCT. Stark has headed TSI Terminal Systems Inc., the company that operated the two Vancouver terminals, since 2001. He helmed the Vancouver Port Authority from 1990 to 2001 and is a former captain in the British Merchant Marine.
Brian Pettipas is the chief financial officer, the same position he held at TSI.
The Ontario Teachers' Pension Plan also announced that Paul Tellier, former CEO of Canadian National Railway and Bombardier, an aircraft and rail car manufacturer, has been appointed chairman of GCT.
GCT has negotiated lease extensions for Deltaport and Vanterm since taking control of the terminals, according to a news release from the investment fund.
Ontario Teachers form company to direct marine terminal investment
