Investing.com-- Cold storage real estate investment trust Lineage Inc (NASDAQ:LINE) has announced job cuts after its record-breaking U.S. initial public offering (IPO) in 2024, the Wall Street Journal reported Tuesday citing a company statement.
Lineage, supported by private equity firm Bay Grove Capital, did not specify the number or types of roles impacted by the layoffs, the report stated.
Lineage’s IPO last July saw its shares debut at $82, surpassing its $78 offer price, and valued the company at $19.2 billion. It raised $4.45 billion, marking the largest global stock market debut of the year.
Lineage shares were 0.3% higher in extended trading on Tuesday.
Specializing in cold storage solutions, Lineage partners with leading food and beverage companies like Kraft Heinz Co (NASDAQ:KHC), Darden Restaurants Inc (NYSE:DRI), and Walmart Inc (NYSE:WMT) to handle frozen and perishable food logistics worldwide. This latest decision reflects broader industry recalibrations, as logistics and warehousing sectors adjust following pandemic-driven demand spikes.
The report suggests that these workforce reductions align with operational optimizations amid a shifting economic landscape. Despite the layoffs, Lineage remains committed to infrastructure investment to maintain its market position.