- Amazon.com, Inc (NASDAQ:AMZN) and the Port Authority of New York and New Jersey ended talks for a potential deal to develop air-cargo facilities at Newark Liberty International Airport.
- Advocacy groups and unions refused to support the 20-year lease worth hundreds of millions of dollars unless Amazon made concessions, including labor agreements and a zero-emissions benchmark at the facility, the New York Times reports.
- Port Authority COO Huntley Lawrence said the sides disagreed on final lease terms and chose to conclude the process mutually.
- Amazon spokesperson Maria Boschetti expressed disappointment over the failure to reach a deal, the Wall Street Journal reports.
- Last August, the Port Authority was authorized to enter into a 20-year lease with Amazon Global Air to redevelop and expand Newark’s air-cargo space. Amazon expected to invest $125 million into the renovation.
- New Jersey officials asked the Port Authority to address concerns about potential air pollution and jet noise that the proposed development would create.
- Other officials highlighted concerns about the project’s impact on nearby communities.
- New Jersey is one of the more unionized states in the country, while Amazon has opposed unionization efforts at its facilities.
- Lawrence acknowledged the Port Authority’s priority to grow air cargo and redevelop facilities “in a manner that benefits the region as well as the local community.”
- Amazon saw the project create over 1,000 jobs. Two other companies bid on the project.
- In 2019, Amazon abruptly dumped plans to build a second headquarters in New York City after facing a flurry of criticism.
- Price Action: AMZN shares traded lower by 0.60% at $115.63 in the premarket on the last check Friday.
SportsBusiness Group Editor Tweets ‘.@nba signs its first league-level cryptocurrency sponsorship with @coinbase, mirroring active dealmaking at team level. @KDTrey5 is among early investors in company.’
https://twitter.com/EricFisherSBG/status/1450522161152659456?s=20
