IAP purchased by Ports America, new owner to retain all employees
Dec. 2—International Auto Processing is officially under new management.
According to Don Asdell, president and CEO of the company, as of Thursday Ports America has taken over from Georgia Logistics Group, the former owner. He said he could not disclose the specifics of the sale.
The IAP name will remain but is changing from an incorporated entity to a limited liability corporation, LLC.
Ports America will be hiring the roughly 300 employees who work for IAP at the Port of Brunswick, he said, keeping their titles, pay, benefits and vacation structure.
Asdell is staying on in his role, as well, as is the rest of the leadership team.
"If anything we'll be looking to add employees," he said. "Everything should be positive for our employees and customers. Fundamentally, nothing is changing."
Georgia Logistics Group's decision to sell was spurred mainly by a desire to plan for the future, Asdell explained. Ports America is a stable owner with a long-term plan for further investment in the port's infrastructure.
"It's a very healthy owner. There will be a lot of opportunities going forward," Asdell said. "They'll be a good custodian of the company going forward, versus a private equity or some other sale to another group who was looking at it."
Ports America is based out of New Jersey and is the largest terminal operator in the country, Asdell said. On its website, the company states it is involved in operations at terminals managing automotive roll-on, roll-off, breakbulk and bulk cargo, cruise lines and cargo containers.
Founded in 1986, IAP processed 470,000 vehicles last year and projects to process 460,000 this year. Its customers include Mercedes, Hyundai, Kia, GM, Toyota, Honda, Volkswagen, Volvo and Polestar.
It has processed over 6 million vehicles since 1986, according to the company's website, with the 2 millionth Kia vehicle arriving this year.
"The reduction in volume is just due to the chip issues and supply chain issues that have been all over the news. Still a very strong year," Asdell said. "We represent about 65-70% of the business that comes into Colonel's Island right now."
It also has a substantial economic impact on the Golden Isles and other industries it supports.
"We do rail unloading so we interface with the (Norfolk Southern) railroad," Asdell said. "Trucking, all the ocean carriers, those are the core industries, as well as the longshoremen."
According to Ports America's website the company was founded in 1922 as International Terminal Operating Company. It acquired other companies over the decades and formally integrated everything under the Ports America umbrella in 2008.
Ports America is owned by the Canada Pension Plan Investment Board, the website states. It holds companies operating out of ports on the East, West and Gulf coasts from Seattle, Washington, to Miami, Florida.
