Execution of a Loan Agreement with JBIC and PLM Fleet, LLC
Jun. 30. 2021
On June 30, 2021, PLM Fleet, LLC (hereinafter, “PLM” *), a U.S.-based refrigerated trailer leasing and rental business in which Marubeni Corporation (hereinafter, “Marubeni”) has co-invested with Mizuho Leasing Company, Limited (hereinafter, “Mizuho Leasing”), signed a loan agreement (hereinafter, “the Loan”) for a maximum loan amount of USD110 million with Japan Bank for International Cooperation (hereinafter, “JBIC”). The Loan is co-financed with private financial institutions, with the total amount of co-financing expected to be USD217 million. PLM will utilize these funds to purchase new trailers for their leasing business in the U.S.
Cold chain businesses, which engage in the refrigerated-transporting of fresh foods that need to be kept chilled, frozen or deep-frozen, is growing in the U.S. market, The cold chain business’s growth can be attributed to its contribution to food safety for consumers by implementing temperature-controlled supply chain management and reducing waste of resources and “food loss”(*). According to Market Data Forecast, the market for the cold chain business in the U.S. is expected to grow up to USD142.6 billion in 2026 from USD81.2 billion in 2021.
As a U.S.-based fleet management company specializing in refrigerated trailers, PLM offers a wide range of products and services to meet the diverse needs of logistics, wholesale, and retail companies, thereby promoting the use of refrigerated trailers as an essential part of the cold chain.
Through supporting PLM, Marubeni will contribute to the achievement of a sustainable society, in which growth in the the cold chain market is expected.
(*) “Food loss” is one of the global social issues addressed in “Goal 12: Responsible Consumption and Production” of the Sustainable Development Goals (SDGs) adopted by the United Nations in 2015.
＜PLM’s Refrigerated Trailers＞
|Company Name||:||PLM Fleet, LLC|
|Location||:||New Jersey, USA|
|Shareholders||:||Marubeni 50%, Mizuho Leasing 50%|
|Representative||:||Keith Shipp CEO|
|Main Business||:||Leasing and rental of refrigerated trailer|
<Related News Releases>
・January 29, 2020
Announcement of entering into a joint venture through transferring equity interests in MAC Trailer Leasing, Inc., a U.S. refrigerated trailer leasing and rental company
・March 31, 2020
Announcement of consummation of the transfer of equity interests in MAC Trailer Leasing, Inc., a U.S. refrigerated trailer leasing and rental company (update)
・February 5, 2021
Delivery of Zero-Emission Refrigerated Trailers for Leasing by PLM Fleet, LLC.