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Rail News: Intermodal

Watco acquires Australia's Intermodal Group

Watco Cos. LLC announced last week it has acquired the majority shareholding in Intermodal Group Pty Ltd (IMG).

Located in Western Australia, IMG is an integrated provider of various services, including rail, integrated logistics of containerized freight, and container storage and handling. The company will continue to operate independently and be governed by a board consisting of two Watco directors and one from IMG, Watco officials said in a press release.

The IMG board will be chaired by Grant Thompson, chief operating officer of Watco WA Rail Pty Ltd.

“We have long-term views on how we want to grow in Australia and this acquisition fits nicely with our business expansion plans," said Thompson. "It adds to our current rail footprint in Australia."

Financial terms of the transaction weren’t disclosed.

Contact Progressive Railroading editorial staff.

More News from 12/27/2016