Atlas, Buckeye form relationship
Dec 30, 2005 11:10 AM
Atlas Oil Co, Taylor MI, and Buckeye Partners, Emmaus PA, have entered into a strategic relationship that increases Atlas's distribution capabilities through additional capacity gained from the use of Buckeye's transmission and storage facilities, according to Atlas information.
The Taylor terminal facility has 12-million-gallons in storage space.
Buckeye's operating subsidiary Buckeye Terminals LLC has acquired the Taylor terminal from affiliates of Atlas Oil Terminals Operations Inc. Atlas will lease back certain office facilities at the terminal from Buckeye. Buckeye intends to operate the terminal in a manner substantially similar to Atlas's past operation.
The Buckeye strategic partnership builds on the earlier 2005 Atlas acquisition of Fisher Fuels, Walled Lake, Michigan MI, a distributor of diesel and heating fuels which added $25 million revenues to Atlas.
Atlas previously acquired B&R Oil Company of South Bend, Indiana in October 2002, with current annual sales of $180 million. B&R owns and rents out 21 retail gas stations and distributes more than 105 million gallons of fuel to 61 Phillips 66 and 22 Citgo retail stations.
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