Asciano has announced that its logistics arm, Patrick Port Logistics, has agreed to form a new joint venture with ACFS Port Logistics (ACFS) to bring together the Patrick and ACFS metropolitan logistics businesses.
Patrick and ACFS will each own a 50 per cent equity interest in the new joint venture, to be reviewed by the ACCC.
Alistair Field, Director of Patrick Terminals and Logistics, said the joint venture will improve the competitive position of Patrick’s metropolitan logistics business, bringing operational efficiency, while establishing a platform for future growth.
“Patrick and ACFS have complementary operational footprints. The joint venture will combine the market leading and competitive strengths of Patrick in Melbourne and those of ACFS in Sydney, creating an enhanced national logistics service for existing customers of both companies,” Field said.
“The joint venture will deliver an expanded platform of services allowing us to strengthen our customer relationships in an increasingly competitive market, while also providing Asciano with opportunities to grow over the long-term,” said John Mullen, Asciano’s Chief Executive Officer and Managing Director.
The new Patrick-ACFS Joint Venture will be headquartered in Sydney, with senior management from Patrick’s logistics business and ACFS coming together to establish the new management team. Arthur Tzaneros, current Managing Director of ACFS, has been appointed as the new CEO of the joint entity.