Cold storage REIT Lineage trims staff, WSJ reports (updated)

Lineage

15/01/2025 21:31

(Changes dateline to Jan 15 and adds company statement in
paragraph 3)
       Jan 15 (Reuters) - Cold storage real estate investment
trust Lineage Inc  LINE.O  is cutting staff after a blockbuster
initial stock offering in the U.S. last year, the Wall Street
Journal reported on Tuesday, citing a company statement.
    The Novi, Michigan-based company did not disclose the number
of jobs or types of roles affected by the layoffs, according to
the report.
    "As part of a comprehensive review of our operations, we
have made the difficult decision to reduce certain positions
within the company," Lineage said in a statement to Reuters and
added that this move was needed for "long-term success and
adaptability".
    Lineage, backed by private equity firm Bay Grove Capital,
debuted last July at $82 per share, above the offer price of $78
apiece, giving the company a valuation of $19.2 billion.
    It had raised $4.45 billion in its U.S. initial public
offering, making it the biggest stock market debut globally in
2024.
    The company works with food and beverage companies such as
Kraft Heinz  KHC.O , Darden Restaurants  DRI.N  and Walmart
 WMT.N  for the storage, handling and movement of frozen and
perishable food around the world.
    
    

 (Reporting by Savyata Mishra and Pritam Biswas in Bengaluru;
Editing by Sherry Jacob-Phillips and Mohammed Safi Shamsi)
 ((Savyata.Mishra@thomsonreuters.com;))