25 March 2002 22:22 [Source: ICIS news]
SAN ANTONIO, Texas (CNI)--ChemConnect said Monday it has acquired the natural gas liquids (NGL) trading platform of Altra Energy Technologies in a move described as a "natural next step for ChemConnect."
The company declined to provide details on the cost of the acquisition.
But ChemConnect did say the acquisition includes 13 employees from Houston-based Altra.
No one was immediately available at Altra to comment on its remaining operations. Altra sold its software operations to Caminus Corporation last November in stock and cash deal valued at $60m (Euro68m). Caminus is a New York City-based provider of software and consulting for the energy industry.
A spokesman for Caminus said Altra consisted of two business units – software and trading. The trading business operates in the Houston office of Caminus, he said.
ChemConnect said it is buying the NGL platform directly from Altra.
In a statement released here at the 27th annual International Petrochemical Conference (IPC), ChemConnect quoted its president John Robinson saying: "By consolidating online NGL trading on ChemConnect, we are providing buyers and sellers of chemicals and plastics , as well as pure-play NGL traders, access to expanded trading opportunities in both NGLs and complementary products."
He said: "This is a natural next step for ChemConnect as we continue to expand our offerings to provide online solutions."
ChemConnect said the Altra platform – known as the "chalkboard" – performs more than 2700 monthly transactions.
Sponsored by the National Petrochemical & Refiners Association (NPRA), the IPC concludes here on Tuesday.
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