SWIRE Shipping has announced its affiliate SSPL US has signed a definite agreement to acquire Westwood Shipping Lines, an independent vessel operator based in the United States.
Westwood services Trans-Pacific trade routes, connecting the Pacific Northwest with markets in Japan, Korea and China.
The company was acquired from J-WeSco, a subsidiary of Japan-based Sumitomo Warehouse, under which it has operated since 2011.
Westwood Shipping Lines was founded in 1980 and is headquartered in Puyallup, Washington.
Swire Shipping managing director James Woodrow said the company was excited to welcome Westwood into its family.
“Over the years, we have been looking at strengthening our presence around the Pacific 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.”
John Mahoney, president and CEO of Westwood, said the company was delighted join the Swire Group.
“The 150-year commitment to shipping is impressive, and it is matched by Swire Shipping’s commitment to build on that history to its customers’ advantage,” Mr Mahoney said.
“Westwood has enjoyed Sumitomo Warehouse’s supportive role in the transformation of these last couple years. Now, we look forward to benefiting from Swire Shipping’s deep experience while continuing to protect our clients’ supply chains between northeast Asia and the Pacific northwest through our independent, reliable, and agile operation.”
Swire Shipping chief operating officer Jeremy Sutton said Westwood will continue to offer its current services after the acquisition is finalised.
He noted the transaction with Sumitomo Warehouse was carried out in a professional manner, and that a relationship was established between the parties during the negotiation process.
Mr Sutton said long-term business opportunities for Swire Shipping and Sumitomo may develop as a result of the negotiation.
According to Swire Shipping, the acquisition complements its strategy to widen its liner network and boost its presence in the Asia Pacific.
The acquisition is subject to regulatory approval and the satisfaction of customary closing conditions.
