WASHINGTON – A Dubai-owned company announced Wednesday that it will sell its U.S. port operations within four to six months to an American buyer, providing new details about its sales plans that were forced by congressional concerns over terrorism security.
Lawmakers who criticized the Bush administration for approving DP World’s earlier plans to operate in the United States said they were satisfied. Still, the House voted 377-38 Wednesday to formally express its opposition to DP World running any port terminals in America.
The announcement was the first time DP World, the world’s third-largest ports company, described its plans for the newly acquired U.S. operations as a sale to a single, unrelated American buyer and indicated it would retain no stake.
Until the sale is completed, DP World said its U.S. operations will continue to be managed independently by P&O Ports North America Inc., the U.S. subsidiary of the British company, Peninsular and Oriental Steam Navigation Co., it bought.
Under that sale, DP World took over significant operations at ports in New Jersey, New York, Baltimore, New Orleans, Miami and Philadelphia.
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