On March 31, 2014, Westway Group LLC announced that it had completed the sale of the company’s four remaining European terminals to Koole Tanktransport B.V., a terminal company headquartered in the Netherlands. These four terminals consisted of sites located in Liverpool, UK; Avonmouth, UK; Gdynia, Poland; and, Amsterdam, Netherlands; and they comprised approximately 15 of Westway’s total capacity at December 31, 2013.
“During this past year,” stated Gene McClain, Chief Executive Officer of Westway, “Management and the board engaged in a total assessment of the company’s potential opportunities for future growth in the markets it serves. This process led to the development of Westway’s five-year strategic plan. After much discussion and evaluation, a decision was made that the platform for our future growth should be in North America and an expansion of presence therein.”
Westway currently has 15 terminals in North America, including one in Canada, with a total capacity of 6.7 million barrels. The company also has expansion programs underway in Houston, Philadelphia and Baltimore, which will add to this existing capacity.
McClain further commented, “The sale of our European terminals represents a step forward for Westway toward the achievement of our longer-term plans. However, simply because we no longer own terminals in Europe does not mean that we will forgo opportunities for growth connected to European companies having North American storage requirements. We expect to have an on-going relationship with Koole – as both Westway and Koole are owned by EQT Infrastructure funds – and we expect that this relationship will benefit both companies through the referral of mutually beneficial business opportunities in the future.”