P&O COLD LOGISTICS ENTERS U.S. NORTHEAST MARKET
P&O, a logistics and transport company based in London, said its subsidiary, P&O Cold Logistics, has entered the U.S. Northeast market through the acquisition of the refrigerated logistics assets of the Condyne Group.
The purchase price was $20 million, subject to earnout over the next two years. P&O Cold Logistics will take over two distribution centers in Taunton and Avon, Mass., and a fleet of temperature-controlled vehicles. The acquisition also includes the operation of a dry goods distribution center designed to serve an international supermarket group.
P&OCL's U.S. capacity now totals 73 million cubic feet of primarily temperature-controlled space in 20 centers.
P&O, which provides contract and cold logistics services internationally, owns half of P&O Nedlloyd, a container shipping line, and is also a leading ferry operator in the United Kingdom.