2015-01-21

MSC RAIL closes the deal for CP Cargo Company

MSC Rail – subsidiary of MSC Mediterranean Shipping Company SA “MSC” – completed the acquisition of CP Cargo – Logistics and Cargo Railway Transports SA, and assumes from now on, the management of the portuguese cargo railway transporter. This moment also implies the implementation of the long-term plan for the growth and development projected for this company.

According to Giuseppe Prudente, Logistics Manager of MSC “we have now the opportunity to implement our strategic plan and lead the company to a more promising future, that idealizes the transformation of the company into an important railway operator on the Iberian market in the next years.  The purchase and investments made are a clear evidence of MSC Portugal’s commitment with the development in the logistics domain”.

Carlos Vasconcelos, Managing Director of MSC Portugal, reinforces that “the investments done by MSC assume a long-term development plan that will improve and take full advantage of the company’s infrastructure and transform it into the first iberian cargo railway transporter. “It is our commitment to provide to our clients a high quality standard service”. 

Last november, The Portuguese Competition Authority gave green light to the deal, three month after the contract had been signed in Lisbon, on the 21th of September.

Has previously informed, the deal was closed for 53 million euros, from which 51 million would be used for the company’s recapitalization. The signing of the agreement was submitted to an open competition, in which MSC turned out to be the winner. In this deal, MSC acquires 95% of the company and employees are given the chance to acquire the 5% left. As part of the strategic plan presented, among other things, MSC is committed in keeping the Company’s Agreement currently in force. 

More information will be provided in due time.

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