Parent ATS, unit Reefer Van to merge

Aboitiz Transport Systems Corp. (ATS) is again merging with a subsidiary – the second so far this year – as part of efforts to keep costs down in an era of rising fuel costs. In a special stockholders meeting Thursday, the company approved the merger between parent ATS and wholly-owned unit Reefer Van Specialists Inc., with ATS as the surviving entity. Reefer Van offers refrigerated transportation services under the CRYO brand name for perishable food products such as processed meat, poultry, fruits, vegetables, and non-food products such as electronics, flowers and chemicals. “We hope to achieve cost and operational efficiencies," a company official told its shareholders. Reefer Van’s operations will be folded in with to 2GO, which will handle the group’s cargo services. Earlier this week, ATS obtained the regulatory approval to merge with Zoom In Packages Inc., another wholly-owned unit engaged in moving loose cargo. The merger with Reefer Van will have to be approved by the Securities and Exchange Commission. MRG/VS, GMANews.TV