Westwood Shipping Lines to be acquired by Swire Shipping
Leading global shipping operator signs definitive agreement to purchase Pacific Northwest operator
PUYALLUP, Wash.--(BUSINESS WIRE)--Westwood Shipping Lines, an independent vessel operator specializing in the trade between the Pacific Northwest and Northeast Asia, today announced that its owner, J-WeSco Ltd., which is a subsidiary of the Sumitomo Warehouse Co Ltd, has signed a definitive agreement with Swire Shipping, a leading operator of liner shipping services in the Asia-Pacific, to acquire the U.S.-based company.
“We are excited about this new chapter for Westwood and look forward to a bright future with Swire”
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Westwood, founded in 1980, is headquartered in Puyallup, Wash. It serves as a niche operator serving the Japan, Korea, and China markets and ports in Washington state and British Columbia. Sumitomo Warehouse Co., is divesting itself of Westwood as part of a corporate strategy to focus on their core businesses of warehousing, stevedoring, real estate, and logistics, according to Westwood President and CEO Jack Mahoney. The sale is pending regulatory approval and the satisfaction of customary closing conditions.
“This is a win-win for everyone,” Mahoney said. “We are excited about joining the Swire Group because Westwood will now be a shipping company owned by a shipping company, one with a long history and wide Pacific presence. It will allow us to share synergies and tap new resources, expertise, and capabilities to serve our customers.”
Swire Shipping says the acquisition complements its growth strategy to widen its liner network while also vertically integrating many of its shipping services. James Woodrow, Managing Director, Swire Shipping said, “Over the years, we have been looking at strengthening our presence around the region and Westwood, with its excellent safety standards, high quality reputation, cargo handling abilities, and long-term customer relationships, emerged as a strong choice. We know that we will be building on Westwood’s sound business fundamentals, and we look forward to broadening our liner network.”
Jeremy Sutton, Chief Operating Officer, Swire Shipping, said after the closing of the acquisition, Westwood will continue to provide its current services with its strong team of professionals. Westwood will also retain its name.
“We are excited about this new chapter for Westwood and look forward to a bright future with Swire,” Mahoney added.