Port and rail operator Asciano has finalised the acquisition of Newcastle-based logistics company Mountain Industries, a move it says will add to the company’s port and stevedoring capabilities.
Asciano said the acquisition mean the company could deepen its existing footprint on Australia’s east coast and will lead to the development of the first ‘pit to port’ logistics capability in key resource and export markets.
“This investment will expand the capabilities of our Ports and Stevedoring division, providing access to a large group of blue-chip customers, strong existing management and a footprint across some of the key bulk haulage centres on Australia’s eastern seaboard,” said Philip Tonks, director of Patrick Ports & Stevedoring.
Tonks said the acquisition would also build on the company’s bulk haulage and handling capabilities so it can further leverage rail, port, and landside logistic businesses.
Keith Morgan, CEO of Mountain Industries, said the acquisition will support the future growth of both businesses.
“We look forward to the integration and enhancement of current services delivered to shared major customers and the ongoing development of new opportunities across the New South Wales, Queensland, Victoria and South Australian markets.”
Mountain Industries will continue to operate as an independent business.
The acquisition has been made on a cash free, debt free basis and includes transfer of the freehold title over four operational sites currently owned by Mountain Industries.