NOL plans to sell its Singapore headquarters building as part of an ongoing cost-reduction and restructuring program that is producing wide-spread layoffs globally.
NOL has retained the commercial real estate firm Jones Lang LaSalle to market the property. The 26-story tower is located near the foot of Alexandra Road in Singapore.
APL, NOL’s liner-shipping subsidiary, is in the middle of a global effort to reduce costs by as much as $500 million in the coming year. After NOL announced a first-quarter loss of $254 million, APL, the world’s seventh-largest container line by vessel capacity, started laying off as many as 400 employees at offices around the world. Full story
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NOL to sell Singapore headquarters building - Marinelog.com
