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Global logistics company CMA CGM Group announced plans to acquire GCT Bayonne and GCT New York terminals at the Port of New York and New Jersey.
The terminals have an existing combined capacity of 2 million 20-foot equivalent units (TEUs) annually with potential for doubling capacity, CMA CGM officials said in a press release. The port is a key entry point for the company on the East Coast.
Financial terms were not disclosed. Following the acquisition's closing, CMA CGM will operate the two facilities as multi-user terminals under current management, company officials said. The company will also invest in infrastructure to meet environmental protection targets.
CMA CGM is further developing its shipping line calls in the New York City area, and plans to increase the terminals' combined capacity by 80% in the coming years, company officials said.
This would be CMA CGM's third U.S. acquisition completed this year. The company bought a terminal at the Port of Los Angeles in January and an e-commerce logistics business in April.