ENTH

News

TTA expands crop care and warehouse businesses in Vietnam

Back Jan 11, 2012

Baconco and Thoresen-Vinama unveil over 22,000 m2 of brand new facilities near Phu My Port in southern Vietnam

Ba Ria, Vietnam / Bangkok, Thailand, 9 January 2012 - Thoresen Thai Agencies Plc. ("TTA") today celebrated the expansion of its operations in southern Vietnam with key clients and stakeholders. Baconco Co., Ltd. ("Baconco") inaugurated its new 13,000 square metre facility, which houses the Company's expanded pesticide business and features additional warehouse space of 6,000 square metres. Simultaneously, Thoresen-Vinama Logistics Co., Ltd. ("TVL"), a subsidiary of Thoresen-VInama Agencies Co., Ltd. ("TVA"), opened its 16,000 square metre bonded warehouse in a nearby location.

Baconco and TVL's additional facilities combine to increase their total capacity by 500%, complementing TTA's other investment in the area, a 20% stake in Baria Serece, which is the largest deep water port in southern Vietnam (Phu My Port).

The construction of the bonded warehouse facility was completed over a six month period, resulting in world-class structure located in Phu My Industrial Zone, where demand for professional logistics services has been rising. As of today's grand opening, the bonded warehouse facility is already filled to capacity, and Baconco's additional warehouse expects to receive its first bulk cargo imminently.

Sigmund Stromme, Chairman of both Thoresen Vinama Logistics and Baconco, stated, "Since I arrived in Vietnam 19 years ago, our business has grown from strength to strength, and today, we celebrate a number of milestones. Besides being one of the largest ship agency groups in Vietnam, TVA has expanded and is now a provider of a complete professional logistics service. Baconco, a leading domestic fertiliser manufacturer that TTA purchased in 2009, has expanded into warehousing, taking advantage of its prime location near Phu My Port, in which TTA also owns a minority stake.

"Today's opening underscores our ability to identify and address a strategic need for development in this growing area of Vietnam, and could not have been accomplished without the visionary support of the government, in particular the Ba Ria-Vung Tau Industrial Zone Authority and the General Department of Vietnam Customs," concluded Stromme.

"We recognised the potential of the Ba Ria Vung Tau region several years ago and were bullish on its growth, along with the strong overall prospects of the Vietnamese economy," said M.L. Chandchutha Chandratat, TTA's President & CEO. "We have worked diligently over a number of years to develop an excellent platform that leverages TVA's skills and track record. Combined, TVA, TVL, Baconco, and Baria Serece are uniquely positioned to offer a full logistics solution with sea and land transport, warehousing, bagging, forwarding, and customs clearance. We believe that these services will support the continuing expansion of Phu My Port, while offering excellent synergies with many of TTA's other businesses, including Mermaid Maritime and our dry bulk shipping business, both of which regularly use Phu My port and its nearby facilities."

Over the last two years, TTA has invested nearly US$30 million in its Vietnam projects. The returns on investment have exceeded expectations, led by TTA's 2009 acquisition of Baconco, which in just 22 months, accumulated net profits in excess of its acquisition price.

 

Baconco CropCare Solution: Production Line

 

Baconco  CropCare Solutions:  Bagging Area

 

Baconco New Warehouse

 

Thoresen Vinama Logistics - New Bonded Warehouse

 

Thoresen Vinama Logistics - New Bonded Warehouse

 

 

 

Baria Serece Port:

 

Baria Serece Port

 

 

About TTA
Thoresen Thai Agencies Public Company Limited (TTA) is a strategic investment holding company listed on the Stock Exchange of Thailand (TTA:TB). Its investment strategy is to grow through a balanced and diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. TTA's evolution from a dry bulk shipping operator began in 2005 with an investment in subsea engineering firm Mermaid Maritime Public Company Limited, which has since been listed on the Singapore Stock Exchange (MMT:SP). Since then, TTA has acquired interests in fertiliser and logistics (Baconco Co., Ltd.) coal-related businesses (SKI Energy Resources Inc, Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited), petroleum tankers (Petrolift, Inc) and a port in Southern Vietnam (Baria Joint Stock Company of Service for Import Export of Agro Forestry Products and Fertilizers).

For further information, please contact:
Thoresen Thai Agencies Plc
Ravisada Angkeeros E-mail: ravisada_a@thoresen.com
Tel: +66 2254 8437 Ext. 393 Mobile: +6681398 5098