Stolt-Nielsen Selling Liquid Bulk Terminals in Illinois, New Jersey
Oct 25, 2001 12:00 PM
Stolt-Nielsen Transportation Group Ltd (SNTG) has announced the signing of a definitive agreement with Kinder Morgan Energy Partners LP for the sale of the Stolt bulk liquid terminals in Chicago IL and Perth Amboy NJ for $70 million. It is anticipated that the transaction will be completed by November 30, 2001.
"We are pleased to announce this agreement with Kinder Morgan,” said Reginald Lee, chief executive officer of SNTG. “While the
Chicago and Perth Amboy facilities have historically been profitable,
we have not been able to develop them as an integral part of SNTG's
distribution network, and divestment fits our overall development
strategy. We will continue to expand our terminal network, either
through direct investment or with alliance partners, in ports where we
can integrate terminals with our distribution system and improve the
efficiency of parcel tanker operations. This divestiture of non-core
assets will enable us to pay down debt and deleverage the balance
sheet."
