Americold acquired privately held PortFresh Holdings LLC, a temperature-controlled operator servicing fresh produce trade primarily through the Port of Savannah in Georgia, for approximately $35 million. Americold plans to build a 15 million ft3 cold storage facility on land owned by PortFresh. The planned facility will include 37,000 pallet positions, advanced blast freezing capabilities and space to support refrigerated-containerized trade.
Americold expects to begin construction on the $55-65 million facility in the first half of 2019, with the opening scheduled to occur in the first quarter of 2020. The Port of Savannah imported 1.8 million TEUs (twenty-foot equivalent units) of containerized cargo in 2017, a 10.6% increase over 2016, making it the nation’s fourth-largest port, according to Americold.