Perrigault SA., the Le Havre-based port and logistics operator, and APM Terminals announced last week the completion of the sale of APM Terminals' 50% share in Terminal Porte Océane (TPO) and Société d'Exploitation du Terminal Porte Océane to Perrigault SA. on 22 July 2014.

Parties did not disclose terms of the deal.

Terminal Porte Océane (TPO) at Le Havre is a 50- 50 joint venture between APM Terminals and the French stevedoring group Perrigault SA. The terminal offers connection by road, rail and barge to inland European destinations. TPO's annual container throughput capacity is 600,000 TEUs.

TPO signed the concession agreement with Port Autonome du Havre (currently Grand Port Maritime du Havre) back in 16 May 2006.

Ben Vree , APM Terminals Europe Region CEO, stated:

We have enjoyed our partnership with the Perrigault Group and our time serving the Le Havre shipping market. Our agreement today reflects our portfolio management efforts and the sale to Perrigault is good for all parties.

Jean Bekaert , Perrigault SA CEO, commented:

Our decision to expand our share demonstrates our strategic commitment to serving the French market with the finest port and logistics services in Le Havre. As a leader in the French market, we look forward to continue working with our customers to meet their future demands.

With the fourth-largest economy in Europe, and the 9th-largest in the world, France was the world's 5th-largest exporter and 6th-largest importer in 2013, with combined trade of US$1.21 trillion. The Port of Le Havre, which dates to 1517, is the largest container port in France and an important center of containerized trade for the European Union. The IMF has projected the French economy to expand by 1% in 2014, and by 1.5% in 2015. Le Havre handles approximately 60% of all French container volume, and is the 6th-busiest container port in the Northern European port range, handling approximately 2.5 million TEUs in 2013.