IMTT announced last week that it has closed on the sale of the company’s bulk liquids storage terminal in Gretna 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.
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.
“BWC was uniquely positioned to execute on this transaction due to the adjacent location of their Harvey terminal,” says Carlin Conner, chairman and CEO of IMTT. “Divesting a terminal that we have owned and operated for 32 years was a difficult decision.” Read the entire announcement.