IMTT closes on sale of 5 inland terminals to Jet Infrastructure
International-Matex Tank Terminals has closed on the sale of the company’s bulk liquids-storage terminals located in New Mexico (Alamogordo), Georgia (Bremen and Macon) and Alabama (Montgomery and Moundville) to Jet Infrastructure.
These terminals collectively represent approximately 1 million barrels of storage capacity, leaving IMTT with 41 million barrels of storage capacity at its terminals on the East, West and Gulf coasts and in the Great Lakes and Canada.
“The proceeds from this sale will be reinvested into current and future growth projects, allowing us to continue executing our ‘Greener and Cleaner’ strategy,” said Carlin Conner, IMTT chairman and CEO. “As of today, over half of IMTT’s revenue in 2023 is expected to be generated from the storage and handling of nonpetroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals. At the same time, we remain committed to supporting our legacy petroleum positions in advantaged markets across the U.S. and Canada.”
Chad Edinger, CEO of Jet Infrastructure, said, “We’re pleased to welcome a talented team that shares our commitment to safety, integrity and service. This acquisition expands our growing platform into Georgia, Alabama and New Mexico, all of which are high-growth service regions. Together, we will continue to provide cost-effective and responsible infrastructure solutions for jet fueling and biofuels as we strive to be a premier operating partner for airports and other customers.”
With the addition of the IMTT assets, Jet Infrastructure will operate 12 assets strategically located across the U.S. with total capacity of more than 2.1 million barrels and network of 145 miles of pipeline.
Jet Infrastructure said the acquisition supports the company’s commitment to meeting the growing and transitioning demands in the aviation industry as it delivers safe, high-quality service to more customers across the U.S. Southeast.
Jet Infrastructure added that it will focus on enhancing the five terminals, providing the company with increased capacity and connectivity to offer greater volumes of product for military and fixed-base operators across the U.S. Southeast.
“This expansion also enables Jet Infrastructure to provide robust economic opportunities and greater sustainable solutions for the communities across this region,” the company stated.
New Orleans-based IMTT will continue to own and operate its 11 other terminals across North America, all of which can facilitate marine-product movements, including eight terminals with deepwater-dock capabilities.
