Facility in Kansas City Will Help Connect Key U.S. Midwest and Mexico Markets
Builds on Americold’s Strategic Collaboration with CPKC
to Optimize Temperature-Controlled Logistics in North America
ATLANTA, GA., Feb. 22, 2024 (GLOBE NEWSWIRE) — Americold Realty Trust (NYSE: COLD), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced plans to develop its first facility through a strategic collaboration with Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) to co-locate Americold warehouse facilities on the CPKC network.
“Americold’s selection of Kansas City for its new facility is another example of Missouri’s ability to attract leading businesses,” said Governor Mike Parson. “This company’s decision speaks to the value of our strategic location, skilled workforce, and superior infrastructure. We look forward to Americold’s success as it strengthens supply chains for international trade and brings new investment to the Kansas City region.”
Americold is investing $127 million in the 335,000 square foot facility in Kansas City, Missouri. The company plans to create nearly 190 new jobs in the region.
“We are excited to kick off our strategic collaboration with CPKC through our new Kansas City cold storage facility, expanding Americold’s presence in an important U.S. transportation hub,” said George Chappelle, Chief Executive Officer at Americold. “Combining our cold storage capabilities with CPKC’s extensive rail network enables Americold to deliver a differentiated offering to support more customers across North America. We look forward to further collaboration with CPKC to provide world-class service to more customers and strengthen the food supply chain.”
“Americold’s Kansas City facility marks the first of many new Americold warehouse facilities we intend to see built on the CPKC network as part of our strategic collaboration,” said Keith Creel, CPKC President and CEO. “Our unmatched Mexico Midwest Express (MMX) premium intermodal service will enable Americold customers to transport goods between the U.S. and Mexico more efficiently and effectively than ever before. We look forward to continuing to grow with Americold as we support the cold storage ecosystem.”
The new facility will support CPKC’s MMX service, North America’s only single-line rail service offering for refrigerated shippers between U.S. Midwest markets and Mexico. It will also enable more seamless and efficient service for MMX customers. By combining CPKC’s fleet of TempPro™ temperature-protected intermodal containers with Americold’s unparalleled cold storage logistics expertise, both companies will be able to help customers bypass significant truck congestion at the U.S.-Mexico border and reduce transit times, transport costs and food waste.
Pending local approvals, the company plans to begin construction in the first half of 2024.
Missouri Partnership, a public-private economic development organization focused on attracting new jobs and investment to the state and promoting Missouri’s business strengths, worked with several partners to attract Americold to Kansas City, including: the City of Kansas City, Economic Development Corporation of Kansas City, Missouri, KC SmartPort, Missouri Department of Economic Development, Missouri One Start, Evergy, and Spire.
About Americold Realty Trust, Inc.
Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition, and development of temperature-controlled warehouses, Americold owns and/or operates 243 temperature-controlled warehouses, with approximately 1.5 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold’s facilities are an integral component of the supply chain connecting food producers, processors, distributors, and retailers to consumers.
Forward-Looking Statements
Statements contained in this press release that are not statements of historical fact, including those that refer to the Company’s strategic collaborations with third parties, associated benefits for customers and timeline for completion are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Information about potential risks and uncertainties that could affect the Company’s business and financial results is included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents the Company files with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law or regulation.
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