Americold to Build a Cold Storage Facility in Port Saint John, Canada Leveraging Strategic Partnerships with DP World and CPKC

ATLANTA, GA., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Americold Realty Trust (NYSE:COLD), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition, and development of temperature-controlled warehouses, today announced plans to develop its first Import-Export Hub in Canada at Port Saint John in New Brunswick. This facility will be the first-of-its-kind globally to bring together Americold warehouse solutions with the maritime logistics capabilities of DP World and the rail logistics solutions of Canadian Pacific Kansas City (TSX:CP) (NYSE:CP) (CPKC).

"Developing a state-of-the-art facility in Port Saint John marks an exciting step forward for Americold as the Company expands into a strategically compelling geography serving high-volume international routes, providing unparalleled opportunities for integration with our premier partners in DP World and CPKC," said George Chappelle, Chief Executive Officer at Americold. "Port Saint John has been the beneficiary of significant investments in recent years from both DP World and CPKC, and the infrastructure they have built has attracted major global shipping lines to this location. We are confident the opportunity for Americold to bring world class cold storage and value-added services to the Port – and to enhance food flows primarily between Central and Eastern Canada and Europe, South America and the APAC region – represents an attractive path to long-term value creation for both our customers and our shareholders."

"We are excited to build on our successful strategic collaboration with Americold and DP World with this new facility in Port Saint John as we build a unique North American cold chain." said Keith Creel, CPKC President and Chief Executive Officer. "Our growing collaboration with Americold, which started in Kansas City and is developing in both Canada and Mexico, continues to bring new supply chain solutions to the market for our customers shipping a range of food and other products across Canada, the United States and Mexico using CPKC's fleet of refrigerated containers. Our strategic purchase of the Central, Maine & Quebec Railway and our operational success working with JD Irving's NBM Railways has extended our reach to Port Saint John and put another value-creating destination on the CPKC map."

"Our partnership with Americold and CPKC to develop an innovative cold chain Import + Export Hub at Port Saint John in New Brunswick reflects our shared commitment to transforming supply chain efficiency and sustainability." said DP World Canada CEO Doug Smith. "This investment by Americold represents a significant milestone in our joint mission to create seamless, end-to-end logistics solutions that meet the evolving needs of global trade. By leveraging the strengths of our strategic partners, we are enhancing the cold chain infrastructure in Central and Eastern Canada, enabling faster, more reliable, and sustainable connections for food supply chains worldwide."

"Our extensive infrastructure investments over the past decade have paved the way for leading global partners to thrive in Saint John," said Craig Bell Estabrooks, President & CEO of Port Saint John. "We're thrilled to welcome Americold and further opportunities to create jobs on our waterfront."

Americold will invest between $75 and $80M to develop this conventional import-export hub that will provide approximately 22K pallet positions in Port Saint John. This facility will connect Americold with two of its key strategic partners, DP World and CPKC, in one location to provide a more optimized cold chain for food moving between Canada and its global trading partners. This facility will primarily serve to connect Central and Eastern Canada and Europe, South America, and the APAC region.

Opportunities NB will invest up to $1.01 million in the form of a payroll rebate to assist Americold with the creation of up to 100 jobs by the end of 2029. This expansion is expected to contribute up to $37 million in direct provincial GDP.

"Americold's expansion in New Brunswick enhances the Port's capacity to accommodate growing shipping volumes and strengthens its position as Atlantic Canada's largest port by volume and one of the fastest-growing container ports on the East Coast of North America," said Luke Randall, minister responsible for Opportunities NB. "The Americold investment will also improve market access for New Brunswick's exporting companies and create good paying jobs."

A global leader in temperature-controlled logistics, Americold's cold chain ecosystem plays an integral role in the food supply chain connecting production, distribution, and consumption for many of the largest food companies in the world. Collaboration between Americold and DP World began in 2021 and was formalized in November of 2022 with the signing of a Global Partnership Agreement. Americold and CPKC established a strategic collaboration in June 2023 to optimize temperature-controlled logistics across North America. CPKC connects North American markets with single-line, expedited intermodal freight transportation and a fleet of TempPro™ temperature-protected intermodal containers for reliable door-to-door transit competitive with over the road trucks. The intention of these partnerships is to create unique customer value in the cold chain by leveraging strategic synergies.    

About Americold Realty Trust, Inc.

Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition, and development of temperature-controlled warehouses, Americold owns and/or operates 239 temperature-controlled warehouses, with approximately 1.5 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors, and retailers to consumers.

About CPKC

With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf of México to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC.

About DP World

DP World is reshaping the future of global trade to improve lives everywhere. Operating across six continents with a team of over 100,000 employees, we combine global infrastructure and local expertise to deliver seamless supply chain solutions. From Ports and Terminals to Marine Services, Logistics and Technology, we leverage innovation to create better ways to trade, minimizing disruptions from the factory floor to the customer's door.

In the Americas, DP World operates with a team of over 16,000 people across 12 countries, driving excellence through a robust network of 14 ports and terminals and more than 40 warehouses. By harnessing our global reach and local expertise, we simplify logistics, enhance operational performance, and redefine the boundaries of what's possible in global trade.

WE MAKE TRADE FLOW.

For more insights into how DP World is reshaping global trade, visit our website: www.dpworld.com 

About Port Saint John

Port Saint John is a rapidly advancing Port striving to be a catalyst for growth, recognized for community leadership. A critical piece of Canada's national supply chain, the Port boasts a diverse cargo base and unparalleled optionality via three Class I Railways. By championing innovation, promoting meaningful engagement, and investing in infrastructure, Port Saint John aims to be a safe, efficient port of choice while delivering economic prosperity in New Brunswick and beyond.

Forward-Looking Statements

Statements contained in this press release that are not statements of historical fact, including those that refer to the Company's strategic collaborations with third parties, associated benefits for customers and timeline for completion are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Information about potential risks and uncertainties that could affect the Company's business and financial results is included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents the Company files with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law or regulation.

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