Port Vancouver Ventures sells stake in Coast 2000
The Vancouver Port Authority (VPA) announced today Port Vancouver Ventures, a subsidiary of the VPA, has sold its 50 per cent stake in Coast 2000 Terminals, a distribution and logistics corporate partnership, to a subsidiary of Western Stevedoring. Coast 2000 Terminals is a Richmond, B.C.-based exporter and warehouse operator providing container inspection, repair, storage and preparation services.
"As a facilitator of trade for Canadians, we are proud to have fostered this niche in transportation logistics by enabling efficient and cost- effective service," said Captain Gordon Houston, President and Chief Executive Officer, Vancouver Port Authority. "Western Stevedoring is an excellent company with a well established reputation in the maritime industry."
Coast 2000 operates an 11-acre container yard, a barge ramp and a 260,000 square foot warehouse with cross-dock and 14 rail doors. With this sale, the senior management at Coast 2000 will retain an interest in the company and have full responsibility for the management of the operations.
"Containerization of cargo is an increasing trend in the shipping world. This acquisition is a strategic investment to capitalize on this growth area," said Tim Chapman, President, Western Stevedoring.