Stolt-Nielsen Limited (Oslo Børs: SNI) announced today that it reached an agreement to acquire a bulk-liquid storage terminal at Dagenham, Port of London, UK, from Norbert Dentressangle SA.
The completion of the acquisition is subject to the transfer of licenses and permits, and the receipt of necessary approvals to operate the facility. The transaction is expected to close during the Company's fourth quarter of 2012. Further terms were not disclosed.
The terminal occupies 9.4 hectares and consists of 195 tanks with a total capacity of 134,000 cbm and a jetty with a draft of 9.3 meters. In addition to bulk-liquid storage, services include warehousing, drumming and bulk container filling, laboratory services, blending, dilution and product heating. The facility has immediate access to the UK's national highway system.
Commenting on the acquisition, Mr. Walter E. Wattenbergh, President of Stolthaven Terminals, said: "This terminal-our first in the UK-joins Stolthaven's growing global network of bulk-liquid storage facilities. The Dagenham terminal gives us a foothold in the UK market and will provide added support to the Stolt Tankers' inter-European coastal fleet. Our initial plans include an immediate upgrade program, with the decommissioning of several old tanks and the construction of new tanks."