WAREHOUSING: CWT Commodities to grow metals operations post-HNA acquisition
Warehouse and logistics company CWT Commodities is pushing ahead with ambitious growth plans in its metals products, among others, following its acquisition by Chinese conglomerate HNA Group, Metal Bulletin has learned.
“HNA bought CWT because of the ‘One Belt, One Road' initiative and they are looking to grow that part of the business considerably,” a source close to the company said
HNA’s subsidiary, HNA Holding Group Co Ltd, completed the purchase of Singapore-based logistics firm CWT Ltd on September 27 after a three-year negotiation deal was agreed and valued at more than $1 billion.
CWT Ltd includes CWT Commodities as well as commodity marketing company MRI Trading and financial services provider Straits Financial.
“They want to grow the business four-fold in five years, spread equally across the three companies,” the source said.
CWT Ltd declined to comment.