They have bought us over for $1.74billion:
Big Truck:
They have bought us over for $1.74billion:
Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements.
The acquisition is valued at approximately $1.740 billion, consisting of $554.3 million in Americold common shares, which will be subject to a lockup period until May 17, 2021, $519 million in cash, repayment of approximately $560 million of in-place Agro debt and assumption by us of approximately $110 million of in-place Agro capital leases and sale leaseback financing obligations, off-set by any cash on hand net of debt-like items and working capital adjustments.
The above from the americold site in respect of their expensive buyout. American corporate speak all the way .
Will you see a pay rise or improved conditions ? Will you heck - Massive debt borrowing to repay .
Im surprised the Americans need cold stores. Chlorine washed meats wont have any bacteria to allow spoilage at room temp for months!
(I`m not speaking as a qualified food scientist, nor as a golden fridge engineer)
So we now have another, large American logistics company buying up UK/ European cold/chill distribution company, what do the spankys know that we don’t… obviously Brexit hasn’t stopped global investment, ■■?
Xpo,Lineage, now Americold.
The whole distribution setup seems to be merging into a few companies such as Culina, EV Cargo, XPO and such. Ultimately they seem to be all owned by investment / hedge funds companies hence the weird way these are paid for.
Must be making Stobarts and Wincanton a bit nervous unless they are also owned by similar. We know Stobbies is part owned by that mysterious Isle of Man lot (so prob Chinese). No idea who owns Wincanton.
The chilled sector is probably a good one to invest in because ultimately everyone needs food. If you can ship en-mass then deep store the food long term, it evens out any global movement problems and economic blips.
Of course, there is the slight problem of electricity. Hope they have massive backup generators to run the cold stores and their IT systems incase we run out if that.
It looks like theres a battle now between Chinese on the EV cargo side and the Americans such as XPO and Americold for control.
XPO are looking to sell the European operation. Its on the market and under review. Its not making money. Saw it on the news the other day.
WheelsofCardiff:
XPO are looking to sell the European operation. Its on the market and under review. Its not making money. Saw it on the news the other day.
5 years in from $3.5 billion purchase. Morgan Stanley lent $2.6 billion I think.
See a lot of aging kit, much of it Ro registered, so the trandport fleet running costs shouldn’t be too high?
.
Franglais:
WheelsofCardiff:
XPO are looking to sell the European operation. Its on the market and under review. Its not making money. Saw it on the news the other day.5 years in from $3.5 billion purchase. Morgan Stanley lent $2.6 billion I think.
See a lot of aging kit, much of it Ro registered, so the trandport fleet running costs shouldn’t be too high?.
Taking over the work that K&N relinquished is going to do them any favours
So many Companies are hedge fund owned or by foreigners,its been going on for years,long gone are the days of being solely BRITISH owned Why worry as long as you have a job with no loss of money or conditions.
Only need to look at the likes of Nothingbut Dentsandtangles bought loads of UK outfits where is it now, gone
WheelsofCardiff:
XPO are looking to sell the European operation. Its on the market and under review. Its not making money. Saw it on the news the other day.
XPO undercut everyone to get the contracts then offered well above average money to the drivers and bought new kit. It was a recipe for disaster right from the start.
OwenMoney:
Big Truck:
They have bought us over for $1.74billion:Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements.
The acquisition is valued at approximately $1.740 billion, consisting of $554.3 million in Americold common shares, which will be subject to a lockup period until May 17, 2021, $519 million in cash, repayment of approximately $560 million of in-place Agro debt and assumption by us of approximately $110 million of in-place Agro capital leases and sale leaseback financing obligations, off-set by any cash on hand net of debt-like items and working capital adjustments.
The above from the americold site in respect of their expensive buyout. American corporate speak all the way .Will you see a pay rise or improved conditions ? Will you heck - Massive debt borrowing to repay .
Well the local drivers got a long awaited pay rise a month ago!!! 
Mick Bracewell:
WheelsofCardiff:
XPO are looking to sell the European operation. Its on the market and under review. Its not making money. Saw it on the news the other day.XPO undercut everyone to get the contracts then offered well above average money to the drivers and bought new kit. It was a recipe for disaster right from the start.
They tried that, and a well known Northern coldstore did the same to keep the contract out of spite. XPO are trying to foook up the Waitrose job, at MK, and Preston.
Mick Bracewell:
WheelsofCardiff:
XPO are looking to sell the European operation. Its on the market and under review. Its not making money. Saw it on the news the other day.XPO undercut everyone to get the contracts then offered well above average money to the drivers and bought new kit. It was a recipe for disaster right from the start.
DIsaster for whom?
I’ve not heard of XPO drivers being paid ABOVE average money so far… The old contracts maybe…
The current strategy in haulage - seems to be to drop the hourly rate, especially on the shifts most abundant at that particular yard, and then max out everyone’s hours at the lower rate, thus maximsing net overhead loss to each indivudual driver, struggling to pay their utility bills and mortgages as they do these days…