HomeMarket NewsSmall CapsGigaCloud Boosts Global Presence With New Warehousing Facilities In US And Germany

GigaCloud Boosts Global Presence With New Warehousing Facilities In US And Germany

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GigaCloud Technology Inc (NASDAQ: GCT) has announced the addition of three new warehouses to its global infrastructure. These new facilities are expected to commence operations in October 2023.

This strategic expansion supports GigaCloud’s growing B2B marketplace and aims to provide enhanced logistical support to its clients. It reflects the Company’s rapid expansion and increasing operational needs.

Two of the new storage facilities will be located in the United States, specifically in Savannah, Georgia, and Rancho Cucamonga, California. Combined, they will cover approximately 784,300 square feet, representing a 20.7% increase in the company’s storage space in the U.S.

The third warehouse will be situated in Bremen, Germany, with an area of around 110,400 square feet. This marks a significant 47.8% surge in GigaCloud’s warehousing space in Germany.

According to Larry Wu, Founder, Chairman, and CEO of GigaCloud, the decision to expand their warehouse footprint demonstrates the continuous organic growth of their marketplace. Wu further highlights that the new Savannah warehouse will optimize operational efficiency and facilitate smoother transactions across the United States.

Price Action: GCT shares are currently trading lower by 0.90% at $9.72 on Friday.

This article was created with the assistance of AI tools and reviewed by Benzinga editors before publication.

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