APM Terminals, Empresas ICA Sign Deal for Mexican Terminal

Date : 08/01/2012 @ 10:38AM
Source : Dow Jones News
Stock : Empresas Ica, S.a. De C.v. (PC) (ICAYY)
Quote : 0.38  0.013 (3.54%) @ 2:05PM

APM Terminals, Empresas ICA Sign Deal for Mexican Terminal

Empresas Ica Soc Con (NYSE:ICA)
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By Gustav Sandstrom

Mexican industrial company Empresas ICA, S.A.B. de C.V. (ICA) said Wednesday its consortium with container terminal operator APM Terminals has agreed to construct and operate a container terminal in the Lazaro Cardenas port on Mexico's Pacific coast.

The assignment was awarded through an international bidding process by the Administracion Portuaria Integral de Lazaro Cardenas to the consortium, which is 5% controlled by ICA and 95% by APM Terminals, which is owned by Danish conglomerate A.P. Moller-Maersk A/S (MAERSK.KO), the Mexican company said.

The consortium expects to invest about $900 million in the project, ICA said. The first phase, which will require investments of about $300 million, is expected to be completed in 2015, it added.

Write to Gustav Sandstrom at gustav.sandstrom@dowjones.com

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