Ports America to Purchase 30 Percent of ITS
Strategic Partnership Deal with “K” Line
Ports America announced it will purchase a 30 percent stake in ITS (International Transportation Service, Inc.) through a strategic partnership with “K” Line (Kawasaki Kisen Kaisha, Ltd). Date of the transfer will occur after regulatory approvals, expected in late August 2014.
Ports America, the largest terminal operator and stevedoring company in the United States, 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,” said Ports America President/CEO Michael Hassing. “Ports America realizes the significance of innovation and the need for continued capital improvement and expansion.”
After receiving regulatory approval of this partnership, the two companies will work together, introducing and utilizing Ports America’s expertise and industry-leading technology and safety programs in ITS’ gate, yard and vessel operations. Ports America’s highly experienced management team also will apply its successful business development and market growth strategies to expand the container terminal’s business.
ITS is a wholly-owned subsidiary of “K” Line that has operated container terminals in Long Beach and Tacoma for more than 40 years.
The products and services herein described in this press release are not endorsed by The Maritime Executive.