Oct 1 2007
Kinder Morgan Energy Partners, L.P. today announced it has purchased the assets of Marine Terminals, Inc. for approximately $100 million. Marine Terminals, which primarily handles and stores steel and alloys, has two facilities in Blytheville, Ark., and individual terminals in Decatur, Ala., Hertford, N.C., and Berkley, S.C. The five facilities handled approximately 13.4 million tons of steel products in 2006.
"These strategically located terminals will continue to provide handling, processing, harboring and warehousing services to Nucor Corporation, one of the largest steel and steel products companies in the world, under long-term contracts," said KMP Terminals President Jeff Armstrong. "Additionally, these facilities will provide Nucor and other customers further access to our growing national network of marine and rail terminals." The acquisition is expected to be immediately accretive to distributable cash flow at KMP.