United Maritime Group, announces agreement to sell U.S. United Bulk Terminal, to an affiliate of Oiltanking Holding Americas, Inc.
United Maritime Group, LLC has announced that it has entered into a definitive agreement to sell U.S. United Bulk Terminal, LLC, a wholly owned subsidiary of UMG, to Bulk Handling USA, Inc., an affiliate of Oiltanking Holding Americas, Inc.
Located in Davant, La., UBT is the largest dry bulk terminal on the Lower Mississippi River, with over 11 million tons of annual throughput capacity, providing storage, blending and transfer services to major producers of coal and petcoke products for the domestic and export markets.
"In the four years since acquiring UBT, we have developed the business into a leading independent provider of terminal and transfer services to the domestic and export markets for coal and petroleum coke. Our UBT team members have maintained a continued focus on safety and customer service while delivering impressive operating and financial performance. Oiltanking is a leading provider of terminal and storage services for liquid petroleum and chemical products globally and is an excellent successor to continue to grow and enhance UBT's position in the market," said UMG Chairman and Chief Executive Officer Steven Green.
The transaction is expected to close in the second quarter of 2012, subject to receipt of applicable regulatory approvals and satisfaction or waiver of other customary closing conditions.