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Mar 1, 2006 12:00 PM

Hamburg, Germany-based Internationale Fachspedition Hoyer has sold its tank storage facilities, Tanklager-Gesellschaft (TLG), to the British-based Simon Storage Ltd. TLG operates two tank storage plants in Mannheim-Rheinau and in the commercial port of Mannheim.

“The reason for the buyout of TLG is that, in line with our new strategy, tank storage activities are no longer part of our core business,” said Thomas Hoyer, managing partner of the Hoyer Group.

Simon Storage, an affiliated company of the Canadian Inter Pipeline Fund (IPF), says it is the largest operator of independent tank storage facilities in Great Britain. By taking over TLG, the company will be expanding its activities to continental Europe. The purchase price is reportedly 27 million euros. Simon Storage announced no changes in TLG management and the current labor contracts of its 43 employees.

With 134 tanks, TLG has a total capacity of about 300,000 cubic meters available. Volumes from 50 to 22,500 cubic meters of chemicals and mineral oils can be stored in the tanks. Plants include several warehouses and open storage areas, five jetties, one semi-automatic drumming line, as well as transhipment stations for rail tank wagons, road tanks, or tank containers.