Stolt-Nielsen to Acquire Terminal Network
Stolt-Nielsen Limited (Oslo Børs: SNI) has agreed to acquire a majority stake in Marstel Terminals, a privately held network of nine bulk-liquid storage facilities in Australia and New Zealand, with a total combined storage capacity of approximately 177,000 cbm.
Upon the completion of the transaction, SNL will own 70% of the business, with the remaining 30% of the equity to be held by the founders, Graham and Anne Catley, who will continue as managers. The acquisition is expected to be completed by late summer 2011, subject to certain government approvals. Following the acquisition, the Company plans to expand the business, both by adding capacity at existing terminals and by developing new locations.
Commenting on the acquisition, Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said: "We are pleased to be adding these terminals to the Company's global storage and distribution network, complementing our regional tanker operations in Asia Pacific."