Date: Feb 16, 2007
Press Release Number: 16-2007
“Following positive talks, representatives of DP World, AIG Global Investment Group and the Port Authority have reached an agreement in principle that will allow Ports America, Inc. (an affiliate of AIG Global Investment Group) to acquire DP World’s interest in the Port Newark Container Terminal.
“Ports America affirmed its plan to make capital expenditures of a minimum of $50 million in the Port Newark Container Terminal during the life of its investment, including $10 million earmarked for the Port Authority’s development of port rail infrastructure surrounding PNCT. The parties believe that Ports America’s commitment will help ensure the continued growth of jobs and economic activity at the port.
“In addition, the Port Authority concluded that materials and information it received regarding Ports America and its ownership have confirmed that it will be a suitable terminal operator and partner committed to making investments that are critical to the continued strength and viability of the Port of New York and New Jersey, the leading East Coast destination for international shippers.”