Terminal operator and stevedore company Ports America said
July 31 that it’s purchasing a 30-percent stake in Long Beach-based container
terminal operator International Transportation Service (ITS) through a
strategic partnership with Japanese transport company “K” Line.
ITS, a wholly-owned subsidiary of “K” Line, has operated
container terminals in Long Beach and Tacoma for more than 40 years.
New Jersey-based Ports America is the largest terminal
operator and stevedoring company in the United States, and provides stevedoring
services to “K” Line in Oakland for containerships and in Jacksonville, Newark,
Brunswick and Charleston for car carriers.
“We are pleased to extend our relationship with “K” Line
through this investment,” Ports America President/CEO Michael Hassing said in a
statement announcing the deal. “Ports America realizes the significance of
innovation and the need for continued capital improvement and expansion.”
The date of the transfer is expected in late August 2014,
after regulatory approvals. The two companies say that upon receiving the
partnership approval, they plan to work together by introducing and utilizing
Ports America’s expertise, technology and safety programs in ITS’ gate, yard
and vessel operations at the Port of Long Beach.
Ports America also says its management team will apply its own
business development and market growth strategies to expand the container
terminal’s business.
