Buenos Aires: PSA International and International Port Holdings of the UK have formed a joint venture that has taken a majority stake in International Trade Logistics of Argentina. Privately owned by the Roman Group, ITL operates the country's second-largest container terminal - Exolgan in Buenos Aires - and complementary terminal and warehousing businesses.
Eddie Teh, Group CEO of PSA International, said: "We have known the Roman Group for many years and have followed ITL's successful development. We are delighted to expand our presence in the Latin American market with this latest investment and we will work with our partners and the local authorities to develop and grow ITL's port-realted businesses, including Exolgan Container Terminal, and capitalise on Argentina's expanding trade flows with Latin America and the rest of the world."
With Argentina's economy booming again after the crash earlier this decade, PSA joins other major global port groups HPH and DP World in having a stake in Buenos Aires.
IPH, part of Global Infrastructure Partners, is PSAI's partner in the plan to operate the new outer harbour currently under construction at Great Yarmouth, dubbed EastPort UK. [28/01/08]
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