TransMontaigne Inc. to Expand Terminaling Network
July 07 2005 - 12:37PM
Business Wire
TransMontaigne Inc. (NYSE: TMG) today announced the signing of a
purchase agreement to acquire the stock of Radcliff/Economy Marine
Services, Inc. ("Radcliff"). Radcliff owns and operates three
petroleum products terminals, two in Mobile, Alabama, and one in
Pensacola, Florida, with combined storage capacity of approximately
350,000 barrels. These terminals deliver over 20,000 barrels per
day of gasoline, distillates, residual fuel oils and lubrication
products. In addition, TransMontaigne will be acquiring 2 tugboats,
7 barges and 12 tractors and associated trailers that provide
delivery services to both the marine industry and land based
operators in the Mobile, Alabama, and Pensacola, Florida markets.
It is anticipated that substantially all of Radcliff's existing 66
employees will be retained by TransMontaigne Inc. The purchase
price is composed of $40 million payable in cash plus the
assumption of Radcliff's existing outstanding debt. The purchase
price is subject to adjustment for changes in working capital at
the time of closing. The transaction is anticipated to close on
August 1, 2005, and is subject to further due diligence by
TransMontaigne and approval by TransMontaigne's board. The Radcliff
acquisition is a complement to TransMontaigne's existing coastal
waterborne terminaling businesses and will expand TransMontaigne
into the lube oil marketing arena. TransMontaigne's coastal service
area will now include Mobile, Alabama; Pensacola, Tampa Bay, Port
Manatee, Miami, Port Everglades, Cape Canaveral, Jacksonville,
Florida; and Norfolk, Virginia. "We are excited about adding these
three terminals and Radcliff's distribution capabilities to our
existing gasoline, distillate, and residual fuel marketing efforts.
We are looking forward to returning to the Pensacola market and
increasing Radcliff's existing tank capacity," said William S.
Dickey, Executive Vice President/COO. To the extent that the new
Mobile and Pensacola facilities generate MLP qualified income,
TransMontaigne Partners L.P. (NYSE: TLP) has an existing right to
acquire the Radcliff terminals from TransMontaigne Inc. over the
next two years. TransMontaigne Inc. is a refined petroleum products
marketing and distribution company based in Denver, Colorado, with
operations in the United States, primarily in the Gulf Coast,
Midwest and East Coast regions. The Company's principal activities
consist of (i) terminal, pipeline, and tug and barge operations;
(ii) marketing and distribution; and (iii) supply chain management
services. The Company's customers include refiners, wholesalers,
distributors, marketers, and industrial and commercial end-users of
refined petroleum products. Corporate news and additional
information about TransMontaigne Inc. is available on the Company's
Web site: www.transmontaigne.com. Forward-Looking Statements This
press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
This information may involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. Although the Company believes that the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, such statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected.
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