Further expansion into the hot spot Uruguay
The Brazilian cool chain player Emergent Cold Latin America (Lat Am) has acquired the cold storage operations of Frigorífico Modelo, an agro-industrial and logistics company based in Montevideo, Uruguay. This transaction is subject to customary closing conditions – including approval at an extraordinary general meeting of Frimosa’s shareholders. It is expected to close in December 2022.
As part of the proposed transaction, Emergent Cold Lat Am will acquire Frimosa’s main facility in Polo Oeste, consisting of a warehouse with 22,000 pallets of cold storage, a separate bonded warehouse and also land for expansion. The takeover also involves a newly constructed 8,400 pallet warehouse located in Asunción, Paraguay.
Emergent Cold Lat Am is thus widening its footprint in Uruguay, a recognised important logistics and financial hub in South America. The company already completed the acquisition of Montevideo-based Polo Logístico de Frio back in May this year. (sh)