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Portek buys Latvian terminal

 Singapore’s Portek International has expanded its portfolio of container and multipurpose terminals with the acquisition of 80% of the share capital of Rigas Universalais Terminals in the Latvian capital.

Commenting on this latest transaction, Takao Omori, ceo of Portek, said, “We are indeed pleased to be able to expand Portek’s global footprint with the addition of RUT into our portfolio. RUT, with a motivated workforce and a progressive management team, holds tremendous potential for expansion in the Baltic and we are confident that RUT will add significant strategic value to Portek’s long term growth.”

RUT is currently the fifth largest port operator by volume of cargo in Riga Free port, handling more than 2.5m tons of cargoes annually. The company serves both transit and export of general and bulk cargoes. It is also a leading player in the handling of wood products and frozen food. Container volumes have grown with 2012 annual container throughput of 77,000 teu.
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