New Orleans-based International-Matex Tank Terminals has sold five of its U.S. terminals to JET Infrastructure, a Colorado firm that stores and transport jet fuel, reports NOLA.com.
Terms of the deal were not disclosed.
The terminals are located in Alamogordo, New Mexico; Montgomery and Moundville in Alabama; and Bremen and Macon in Georgia. Combined, they have roughly 1 million barrels of storage capacity. IMTT still has 41 million barrels of capacity at its 11 other terminals across North America.
IMTT said it will use the sale proceeds to invest in projects related to cleaner energy sources. Since 2017, IMTT has invested $350 million in specialty chemicals, renewable fuel sources, vegetable oils and animal fats storage, and its revenue related to those products has risen by 35% in that time frame. Read more.
