Taylor & Martin Grp., Inc.Common Stock (NYSE:TMG)
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TransMontaigne Inc. (NYSE:TMG) today announced the
signing of a Terminal Exchange Agreement on January 10, 2006, with BP
Plc (BP). The companies have agreed to end a decades-long joint
terminal supply and operating arrangement involving a total of 17
terminals located in the Southeast United States. TMG and BP intend to
separate both the supply and terminaling operations functions whereby
BP will own and operate 6 terminals, and TMG will own and operate 9
terminals, while the remaining 2 terminals will be supplied
separately, but continue to be operated by TMG for the benefit of both
companies.
The transaction is expected to be completed by February 1, 2006.
Subsequent to closing of the transaction, the ownership and operation
of the terminals will be as follows:
-0-
*T
TransMontaigne
BP Terminals Terminals Shared Terminals
----------------------------------------------------------------------
Atlanta (Chattahoochee), GA Athens, GA Collins, MS
----------------------------------------------------------------------
Charlotte, NC Greensboro, NC Bainbridge, GA
----------------------------------------------------------------------
Belton, SC Albany, GA
----------------------------------------------------------------------
Spartanburg, SC Americus, GA
----------------------------------------------------------------------
Birmingham, AL Macon, GA
----------------------------------------------------------------------
Montgomery, AL Griffin, GA
----------------------------------------------------------------------
Meridian, MS
----------------------------------------------------------------------
Lookout Mountain, GA
----------------------------------------------------------------------
Rome, GA
----------------------------------------------------------------------
*T
Under the terms of the Terminal Exchange Agreement, both companies
will enter into three- to five-year throughput obligations at the
facilities to be owned and operated by the other party. BP will be
obligated to throughput approximately 24,500 barrels per day through
TMG's owned facilities, while TMG will be obligated to throughput
approximately 18,000 barrels per day through BP's owned facilities.
The 15 terminals to be exchanged pursuant to the Terminal Exchange
Agreement have approximately 3.7 million barrels of storage capacity.
After the exchange, TMG will increase its ownership in the storage
capacity by approximately .3 million barrels to a total of
approximately 1.8 million barrels, with BP retaining approximately 1.9
million barrels of storage capacity. In return for the additional
storage capacity, current and future capital requirements and other
items, TMG will make payment to BP in the sum of approximately $5.6
million.
William S. Dickey, President of TransMontaigne Product Services
Inc., stated, "This transaction will enable both BP and TMG to
continue to provide reliable product supply and terminaling services
at all of the affected facilities while at the same time allowing each
Company to consolidate its presence in those markets essential to best
serve customer demands and enhance future growth, as well as provide
overall cost efficiencies."
TransMontaigne Inc. is a refined petroleum products marketing and
distribution company based in Denver, Colorado with operations in the
United States, primarily in the Gulf Coast, Midwest and East Coast
regions. The Company's principal activities consist of (i) terminal,
pipeline, and tug and barge operations, (ii) marketing and
distribution, and (iii) supply chain management services. The
Company's customers include refiners, wholesalers, distributors,
marketers, and industrial and commercial end-users of refined
petroleum products. Corporate news and additional information about
TransMontaigne Inc. is available on the Company's web site:
www.transmontaigne.com
FORWARD-LOOKING STATEMENTS
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor provision
of the Private Securities Litigation Reform Act of 1995. This
information may involve risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements. Although the Company believes that the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, such statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected.