BUSINESS WIRE: IMTT Announces Sale of Gretna, Louisiana Terminal
NEW ORLEANS--(BUSINESS WIRE)--IMTT announced today that it has closed on the sale of the company’s bulk liquids storage terminal located in Gretna, Louisiana to BWC Terminals LLC. The Gretna terminal is located on the Mississippi River and has approximately 2.3 million barrels of storage capacity, with truck, rail, and deep-water marine access.
“BWC was uniquely positioned to execute on this transaction due to the adjacent location of their Harvey terminal,” said Carlin Conner, chairman and CEO of IMTT. “Divesting a terminal that we have owned and operated for 32 years was a difficult decision. BWC’s commitment to continuing to operate Gretna with the current team in place, and in a safe, environmentally responsible, and efficient manner was a major factor in our decision.”
“With the reinvestment of proceeds from this transaction and the execution of contracted renewable fuel and chemical-related infrastructure projects that are in progress, over half of the company’s revenue in 2023 will be generated from the handling of non-petroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals.”
New Orleans-based IMTT will continue to own and operate its 16 other terminals across North America, including its three Louisiana terminals located along the Mississippi River in Avondale, Geismar, and St. Rose, which generate nearly 70% of its revenue from the handling of non-petroleum products.
Founded in 1939 and headquartered in New Orleans, Louisiana, IMTT is an industry leader in the handling and storage of bulk liquid products, especially energy transition fuels, feedstocks and petrochemicals, through its ownership and operation of 16 terminals in the East, West, and Gulf Coasts, as well as the Great Lakes region and Canada. IMTT is focused on providing safe and reliable service while delivering innovative solutions for the evolving energy needs of its customers. In addition to expanding its independent liquid terminals business, IMTT is committed to pursuing low carbon intensity growth opportunities and reducing carbon emissions across its existing asset base. For more information about IMTT, visit imtt.com.