(Reuters) – Lineage Inc, a cold storage real estate investment trust, is reportedly downsizing its workforce following a successful initial public offering in the United States last year. According to the Wall Street Journal, the Novi, Michigan-based company is implementing staff cuts, although the exact number of jobs affected has not been disclosed.
In a statement to Reuters, Lineage explained that the layoffs are part of a strategic review of its operations aimed at ensuring long-term success and adaptability. The company, backed by private equity firm Bay Grove Capital, made headlines with its IPO debut last July, pricing shares above the initial offer and achieving a valuation of $19.2 billion.
With a staggering $4.45 billion raised in its IPO, Lineage’s market debut in 2024 was the largest globally. The company specializes in providing storage, handling, and transportation services for frozen and perishable food, partnering with industry giants like Kraft Heinz, Darden Restaurants, and Walmart.