Week in Review, Aug. 28-Sept. 1: Avondale, Wind Energy, Scalise and More

Cargo Transport Along The Mississippi River New Orleans, Louisiana
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NEW ORLEANS — On Aug. 30, the Port of South Louisiana Port Commission voted to purchase Avondale Global Gateway from Host for a revised price of $330 million. 

In January, PortSL announced plans to buy the former shipyard, which had recently been converted into a logistics hub, for $445 million. The deal earned its fair share of critics, who said the price was too high.

Now, after an extended due diligence period and the lower purchase price, PortSL CEO Paul Matthews is as bullish on the plan as ever.

“Avondale Global Gateway represents a transformational opportunity for the Port of South Louisiana and this entire region,” said Matthews in a press release announcing the new purchase price. “We are experiencing dynamic shifts in global trade and logistics, and the acquisition of Avondale Global Gateway – while maintaining terminal management from Host – presents an opportunity for PortSL to reinforce its position as a leading hub for commerce, not just in Louisiana, but along the entire Gulf Coast and around the world.”

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Categories: A Week In Review, Energy, Maritime, Real Estate, Today’s Business News