ICTSI buys Brazil’s CRAGEA to bolster logistics, rail reach

This also allow it to extend hinterland reach of its port asssets.

International Container Terminal Services, Inc. (ICTSI) has acquired a 100% interest in Companhia Regional de Armazéns Gerais e Entreposto Aduaneira (CRAGEA), a Brazil-based provider of general and bonded warehousing and multimodal logistics services.

The company said in a bourse filing that the acquisition was completed through ICTSI’s wholly owned subsidiary, IRB Holding Ltda.

ICTSI said the transaction expands its business activities in Brazil and adds warehousing and logistics services to its operations in the country.

The acquisition supports the use of rail transport, aims to address logistics bottlenecks, and extends the hinterland reach of its port assets.

ICTSI also said the business offers services for foreign trade customers.

It added that the transaction remains subject to customary closing conditions.