DP World to acquire controlling stake in Switzerland’s NovaAlgoma

DP World buys into NovaAlgoma, venturing into cement logistics: DP World subsidiary P&OMaritime Logistics inked a definitive agreement to buy a controlling stake in Swiss-logistics firm NovaAlgoma Cement Carriers’ (Nacc) core business for an undisclosed sum, according to a press release. Nacc’s a JV between Switzerland’s Nova Marine Holding and Canada’s Algoma Central Corporation, and operates a fleet of pneumatic cement carriers which are vessels designed to transport powdered cement efficiently and dustfree.

The details: The transaction excludes Nacc’s interests in Northern Europe, Indonesia and Greece. It is set to wrap up in the coming months, barring regulatory hurdles. The sellers will retain a minority stake in the JV following the acquisition, and Nacc’s current leadership will remain unchanged.

Targeting operational synergies: The transaction aims to expand DP World’s reach in breakbulk and dry-bulk, especially infrastructure cargo, while ramping up its end-to-end logistics capabilities in key growth markets including North America, Europe, South Asia, and the Carribean, the release said. “By combining our global reach and scale with their technical and market expertise, we are well-positioned to deliver greater value to our customers and to grow together in this strategically important segment,” DP World Group Chairman and CEO Sultan Ahmed bin Sulayem said.