(Reuters) – Cold storage real estate investment trust Lineage Inc 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, Darden Restaurants and Walmart 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)