By Greg Fry

Singaporean company buys majority stake in Ashcroft Terminal

Aug 1, 2018 | 2:25 PM

ASHCROFT — The Ashcroft Terminal (AT) has a new owner.

Today it was announced PSA International Pte Ltd (PSA) out of Singapore signed an investment agreement with Ashcroft Terminal through its wholly-owned subsidiary PSA Canada Holdings Ltd, to acquire 60 per cent of Ashcroft Terminal business in Western Canada.

“It’s really exciting,” says Chief Commercial Officer Kleo Landucci of Ashcroft Terminal. “We’ve been growing the business and really looking to have a global impact for the supply chain here in Western Canada and have a wider reach for our exporters and importers into Western Canada.”

And PSA will offer just that as the world’s largest container/port operator.

“They did about $73-74 million containers through over 40 ports internationally last year from Singapore,” she says, adding the deal means the terminal can now maximize its potential.

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“We happen to be home to the only location in the country with both CP and CN rail lines. It’s an opportunity for us to prepare goods inland for export and do as much as the activity as you need in a supply chain and a trade route off the congested marine docks. So, we can be more efficient.”

AT currently services all sectors of the natural resource industries which include agriculture, mining, forestry and oil and gas. It does so by providing transloading, fleet management, railcar storage and logistics solutions.

Today’s announcement comes on the heels of AT’s announced plans to provide a $28 million upgrade to its terminal. Work on that expansion is set to begin later this month.

The price tag for today’s acquisition was not disclosed.