The objective of Neltume Ports is to strengthen its expansion plan in Chile and the Americas, and to successfully deal with the challenges facing the port industry by incorporating a strategic partner into the company.
Today an agreement was announced with the Canadian company ATCO, which will own 40% of Neltume Ports following a capital increase. Neltume is the port division of Ultramar, and has terminal businesses in Chile, Argentina, Brazil and Uruguay.
ATCO is a global corporation that provides business solutions in areas such as electricity generation and distribution, natural gas, real estate, logistics and modular structures. It currently has projects on five continents and manufacturing facilities in Canada, the USA, Australia and Chile. Incorporating ATCO represents an opportunity for Neltume Ports to reinforce its market position in America where business opportunities have been identified on the coasts of Peru, Brazil, Colombia, Ecuador, United States, and other coasts.
“This agreement reaffirms Neltume Ports’ commitment to develop Chile’s port infrastructure and foreign trade, and it reinforces our growth and expansion plans. Incorporating ATCO as a strategic partner is the result of a competitive process, which confirms our strong position in the regional port market,” said Mr. Richard von Appen, Chairman of Ultramar. He added, “This is a unique opportunity for Neltume Ports to respond to the challenge of expanding our business in our markets and creating development opportunities in new American markets together with a partner that has closely aligned strategic and value creation objectives”.
This agreement deepens the existing bond between Ultramar and ATCO.
The ATCO group has been in Chile since 2016 through ATCO-Sabinco. Ms. Nancy Southern, Chairman and CEO of ATCO, said “This acquisition represents an important milestone in the execution of ATCO’s long-term strategic plan, aimed at diversifying and complementing our business and geographical portfolio into industries that are critical to global growth and prosperity: housing, real estate, energy, water, transportation and agriculture. We are excited to announce our investment in Neltume Ports, which strengthens our existing partnership with Ultramar.
Both companies see South America as an area for significant growth”.
More information about Neltume Ports can be found at www.neltumeports.cl