Taylor & Martin Grp., Inc.Common Stock (NYSE:TMG)
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TransMontaigne Inc. (NYSE: TMG) today announced the
signing of a purchase agreement to acquire the stock of
Radcliff/Economy Marine Services, Inc. ("Radcliff"). Radcliff owns and
operates three petroleum products terminals, two in Mobile, Alabama,
and one in Pensacola, Florida, with combined storage capacity of
approximately 350,000 barrels. These terminals deliver over 20,000
barrels per day of gasoline, distillates, residual fuel oils and
lubrication products. In addition, TransMontaigne will be acquiring 2
tugboats, 7 barges and 12 tractors and associated trailers that
provide delivery services to both the marine industry and land based
operators in the Mobile, Alabama, and Pensacola, Florida markets. It
is anticipated that substantially all of Radcliff's existing 66
employees will be retained by TransMontaigne Inc. The purchase price
is composed of $40 million payable in cash plus the assumption of
Radcliff's existing outstanding debt. The purchase price is subject to
adjustment for changes in working capital at the time of closing. The
transaction is anticipated to close on August 1, 2005, and is subject
to further due diligence by TransMontaigne and approval by
TransMontaigne's board.
The Radcliff acquisition is a complement to TransMontaigne's
existing coastal waterborne terminaling businesses and will expand
TransMontaigne into the lube oil marketing arena. TransMontaigne's
coastal service area will now include Mobile, Alabama; Pensacola,
Tampa Bay, Port Manatee, Miami, Port Everglades, Cape Canaveral,
Jacksonville, Florida; and Norfolk, Virginia. "We are excited about
adding these three terminals and Radcliff's distribution capabilities
to our existing gasoline, distillate, and residual fuel marketing
efforts. We are looking forward to returning to the Pensacola market
and increasing Radcliff's existing tank capacity," said William S.
Dickey, Executive Vice President/COO.
To the extent that the new Mobile and Pensacola facilities
generate MLP qualified income, TransMontaigne Partners L.P. (NYSE:
TLP) has an existing right to acquire the Radcliff terminals from
TransMontaigne Inc. over the next two years.
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.