Friday, November 20, 2009

Ports And Logistics Specialists PD Ports Finally Changes Hands

Brookfield Take Control from BBI after Extensive Negotiations
Shipping News Feature

Following our report of 15th October news comes today that PD Ports, the Middlesbrough based port management and logistics business, has become the property of the Canadian group Brookfield Asset Management and will trade under the auspices of a new holding company, Brookfield Ports (UK) Ltd. The company has transferred from the Babcock and Brown Infrastructure group as part of a larger overall deal between the two.

This news will be welcomed by the staff at PD Ports who have had to watch the situation develop for some time. Mr David Robinson, PD Ports’ Group Chief Executive Officer said: “I am pleased to confirm that PD Ports is now under the new ownership of Brookfield. This is very positive news and will enable PD Ports to move forward and focus on growing our business. As a result of the sale, PD Ports has a new financial structure, which will provide a stable platform to support our future growth and development."

PD Ports has been at the centre of several important developments in the regions in which it works. Not least of these is the Northern Gateway development which we have reviewed previously. This £300 million development is scheduled to handle over a million and a half TEU’s annually employing over 5,500 staff. This would considerably increase PD’s current workforce of 1140 and its £120 million turnover.

The group handles container and bulk cargoes through Teesport at the rate of 40 million tonnes per annum and has substantial logistics and stevedoring interests in ports from the Isle of Wight and Felixstowe to the Trent and Humber Estuaries. They are responsible for river traffic management in Tees and Hartlepool ports and have numerous other cargo related interests.

Brookfield is a global asset manager focused on property, renewable power and infrastructure assets, with over $90 billion of assets under management.