Running on Ice: FreezPak warms to Western expansion

All thawed out

In a westward expansion, FreezPak Logistics is taking up residence in its first West Coast facility: a new cold storage facility in the Los Angeles area, that is 150,000 square feet of both freezer and refrigerated pallet positions. This location will also offer overseas container plugs, United States Department of Agriculture/Food Safety and Inspection Service/Food and Drug Administration inspections, cross-docking, port drayage, less-than-truckload and truckload transportation, dedicated fleets, repacking, and same-day order fulfillment. Being just 20 miles from the ports of Los Angeles and Long Beach makes the site ideal for imports and exports of temperature-sensitive goods. 

“This new facility in Los Angeles is a monumental step in FreezPak’s growth journey,” said Michael Saoud, co-founder and co-CEO.

“By establishing a presence in this vital market, we are not only extending our reach to the West Coast but also ensuring our customers have access to the most efficient and innovative cold storage and logistics solutions available,” said David Saoud, co-founder and co-CEO.

Temperature checks 

Fan favorite Lineage makes headlines again. Lineage’s initial public offering last July saw its shares debut at $82, surpassing its $78 offer price, and valued the company at $19.2 billion. It raised $4.45 billion, marking the largest global stock market debut of the year.

This time the headlines have a different twist. The cold storage giant is facing layoffs. The actual number of employees affected hasn’t been disclosed.

Despite the strong per-share figure at its IPO, its current stock prices are down around $53 – a 34% drop in the past six months. The falling stock price likely has the company facing some difficult decisions as it navigates the full first year of being a publicly traded company.

Fourth-quarter financials aren’t out yet but based on results in Q3, which was also the first quarter Lineage published financial data as a public company, the financials were holding strong. There was year-over-year growth, net revenue increased to $1.34 billion and occupancy was 77.6%. The biggest concern …

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