IMTT sold for $1 billion
Macquarie already owned a 50 percent stake in IMTT, but has an agreement to purchase the rest of the company for $910 million in cash and $115 million in stock.
IMTT, which stores and handles petroleum products, vegetable oil, renewable fuels and various chemicals, is comprised of 10 marine terminals in the U.S. and two in Canada.
James Coleman Sr. began IMTT in New Orleans in 1939 and the company is now the fourth largest provider of bulk liquid storage and handling services in the United States. Macquarie first acquired 50 percent of IMTT in 2006 for $257 million.
“We’re acquiring a business that we know from our involvement with it over the past eight years and, more importantly, a business with a strong foundation built over many years of stewardship on the part of the Coleman family,” James Hooke, chief executive officer of Macquarie, said. “We look forward to working with IMTT to accelerate its growth.”
Macquarie does not plan to make a large number of personnel changes, rather the company said that it will fill vacancies resulting from retirements and add selectively to the IMTT staff.
Thomas Coleman, who is the current chief executive officer of IMTT, is expected to retire. Other members of the founding family, including chairman James Coleman and James O. Coleman, who serves as the head of government relations, are also expected to retire.
John Little, manager of the St. Rose IMTT terminal, said there would be virtually no changes at the St. Charles Parish terminal. He added that Shell would continue to jointly operate an asphalt plant with IMTT that is located on IMTT’s property.
Subscribe Today and Save!!!
St. Charles Herald-Guide is an award-winning newspaper that covers all aspects of St. Charles Parish - from schools and parish government news to social events, features on our local residents and sports.
Order your subscription today!
When Hahnville wrestler Kendrick Jones won the LHSAA Division I state championship...
Pastor Don Logan, of Boutte, was coming back from a meeting in Alexandria when the...
Beginning April 1, St. Charles Parish Hospital will ban smoking throughout the...
The St. Charles Parish Sheriff’s Office arrested and charged a Boutte woman with...
Emily Charles, 21, had begun to drive herself and five longtime friends from a...
Two of Luling’s newest firefighters weren’t even done with their basic training...
Acadian Flooring America is a family owned and operated floor covering store that has been proudly serving our customers since 1980. Our experienced staff at our Marrero, LA location is eager to serve you and help you transform your room and bring your dé
New program brightens day of nursing home residents - 571 views
Valentines poured in to the Ashton Manor assisted living and memory care facility in Luling last Saturday thanks to the implementation of a new online system.