NOVI, Mich. & HANOI, Vietnam--(BUSINESS WIRE)--Lineage Logistics (“Lineage” or the “Company”), one of the world’s leading temperature-controlled industrial REIT and integrated solutions providers, today announced it has partially closed a joint venture (JV) arrangement with Hanoi-based cold-storage warehouse operator SK Logistics. Financial terms of the transaction were not disclosed.
“Partnering with SK Logistics is a remarkable opportunity for us to continue delivering world class cold storage solutions in the Asia Pacific region alongside a proud and thriving family business,” Brooke Miller, President Asia Pacific at Lineage, said.
“These facilities serve a wide range of customers, including supermarket chains that provide food for families across the region. We are excited to keep growing these valuable relationships together with SK Logistics as we continue in our mission to feed the world.”
Ms. Miller said expanding Lineage’s footprint in Asia Pacific through Vietnam as a significant economic contributor in the region continues to be a long-term strategic goal for the Company.
“Vietnam is an important market for Lineage, and partnering with a reliable and proven operator like SK Logistics helps us to continue delivering excellence in supply chain solutions in the region.”
SK Logistics’ two cold storage warehouses, totaling almost 400,000 square feet, represent a strong increase in capacity in the north of Vietnam for Lineage. These facilities offer storage, distribution, stamping, weighing, classification, packing, and picking services for important customers in the region.
Lineage in Vietnam now has integrated assets and supply chain solutions in both the northern and southern ends of the country, with facilities in both Hanoi and Ho Chi Minh City.
Lineage is one of the world’s leading temperature-controlled industrial REITs and integrated solutions providers with a global network of over 400 strategically located facilities, totalling nearly 2 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling industry-leading expertise in end-to-end logistical solutions and innovative technology, Lineage partners with the world’s largest food and beverage companies to increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage has been named a CNBC Disruptor 50 Company for three consecutive years, twice named a US Best Managed Company, named the No. 1 Data Science company, and 23rd overall, on Fast Company’s list of The World’s Most Innovative Companies, and was included on Fortune’s Change the World list. (www.lineagelogistics.com)