P&O who is facing a preliminary approach from DW Ports, has announced the sale of its “cold logistics” business to Canadian Versacold Holdings for £183M.
P&O Cold Logistics is the third largest cold storage and distribution operator in the world. Chief executive Robert Woods says: “As P&O continues to focus on its fast-growing international ports business, it is time to look to another owner to take the cold logistics business to the next stage. “Versacold is a well respected operator in the industry and we have every confidence that the business, its employees and customers will continue to thrive under its new ownership.”
The sale comes as the Australian group Toll Holdings announce its interest in buying some of P&O’s Australian port operations, if its bid for Patrick Corp failed. Analysts have commented that the price is better than expected.