GreenHunter to buy US Gulf coast terminal firm

29 October 2008 18:37  [Source: ICIS news]

HOUSTON (ICIS news)--US biodiesel major GreenHunter Energy has agreed to purchase diesel, methanol and lubricant supplier L&L Holdings, GreenHunter said on Wednesday.

GreenHunter, the largest US biodiesel refiner, said it will pay $27m (€21m) in cash for L&L, a Louisiana-based company that owns 17 marine terminals along the Gulf of Mexico.

The deal is to be concluded by year’s end, the company said.

L&L, which primarily services the offshore oil and natural gas industry, has sold more than 130m gal (492m litres) of diesel, according to financial statements. GreenHunter said it will start selling biodiesel through L&L’s distribution network.

“We believe the strategic locations of L&L's existing terminals along the Gulf coast are simply irreplaceable and that our complementary asset base will give us a long-term competitive advantage,” GreenHunter CEO Gary Evans said.

GreenHunter operates a 105m gal/year biodiesel refinery outside Houston.

($1 = €0.79)

Bookmark Simon Robinson’s Big Biofuels Blog thinking on biofuels.
To discuss issues facing the chemical industry, go to ICIS connect

By: Ben Lefebvre
+1 713 525 2653

< previous article(ICIS Podcast: Chemical News Central 2 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly