ICTSI unit acquires Brazilian warehousing, logistics firm

MANILA, Philippines – International Container Terminal Services Inc. (ICTSI) has acquired a Brazilian warehousing and logistics firm to expand beyond port operations in the South American country.

In a disclosure on Wednesday, the Enrique Razon Jr.-led port operator said its subsidiary, IRB Holding Ltda., acquired 100 percent of São Paulo-based Companhia Regional de Armazéns Gerais e Entreposto Aduaneira (Cragea).

READ: ICTSI invests $174M to boost Brazil port

According to its website, Cragea has operated in Brazil’s logistics sector for more than four decades and offers services including customs warehousing, as well as air-conditioned and refrigerated transport.

It also operates a rail network with daily train services and maintains its own vehicle fleet.

“The transaction represents an expansion of ICTSI’s business activities in Brazil offering differentiated and strategic solutions to increase operational and energy efficiency through the use of the rail as the preferred transport mode, mitigation of logistical bottlenecks, expanding the hinterland of its port assets and offering safe and innovative alternatives for foreign trade customers,” ICTSI said. 

ICTSI said the acquisition will be funded through cash, with the deal value below 10% of its consolidated shareholders’ equity.

Moreover, ICTSI currently operates a terminal at the Port of Rio de Janeiro, which accounted for a 31-percent share of Brazil’s container market in 2024.

Meanwhile, the terminal is expected to be among the gateways that would benefit from the planned $740-million capital expenditure plan ICTSI has allotted for 2026. 

ICTSI’s first-quarter net income rose 21 percent to $314.7 million as cargo volumes grew, lifting throughput 18 percent to 4.08 million twenty-foot equivalent units (TEUs). /pai INQ