Forth Ports acquires remaining stake in TCS for GBP95m

Forth Ports, a subsidiary of Otter Ports Holdings, has acquired the remaining 67% stake in Tilbury Container Services (TCS) for GBP95m ($149m) from DP World and Associated British Ports (ABP).

Prior to the deal, Forth Ports held a one third stake in TCS (since 1998) with partners DP World and ABP holding the remaining stake.

Forth Ports CEO Charles Hammond said this is an important acquisition and a major step forward in the company's plans to grow and develop its ports business.

"We believe that stronger links between our container and distribution customers will provide benefits in the supply chain through our London Distribution Park and further underpins our port centric strategy," Hammond said.

"With 100% ownership of TCS we plan to combine our existing Short Sea container terminal at Tilbury with TCS and create a brand new container business which will handle close to half a million containers."

TCS is located on the River Thames within the Port of Tilbury, which is a key shipping and distribution port access to London and the South East of England, is now fully owned by Forth Ports.

Currently TCS handles 320,000 containers a year and regularly trades on deep sea routes to South America and South Africa.

In the UK-based TCS, DP World had 34% stake which it sold for $75.48m and will continue to focus on its other UK businesses in DP World Southampton and at London Gateway.

Forth Ports operates seven other ports out which six on the Firth of Forth and one is located on the Tay in Dundee.