United States Gulf Coast based bunker and maritime transport services company Martin Midstream Partners L.P. (MMLP) at the end of December announced the sale of certain assets used in connection with the Mega Lubricants shore-based terminals business to John W. Stone Oil Distributor for USD 22.4 million.
“The announcement today reflects our continued emphasis on debt reduction through the sale of non-core assets allowing MMLP to focus on our commercial strengths and long-term relationships built around our refinery services assets,” said Robert Bondurant, Executive Vice President, Chief Financial Officer and Director of MMLP.
“As I stated in our last earnings call, my vision as I begin my role as CEO on January 1, 2021 is to make our Partnership attractive to investors again. Reducing our leverage is integral to that vision.”
Mega Lubricants is engaged in the business of blending, manufacturing and delivering various marine application lubricants, sub-sea specialty fluids, and proprietary developed commercial and industrial products.
“John W. Stone Oil Distributor has been in the marine fuel and lubricants distribution business for nearly 75 years, plying its trade on the lower Mississippi River and the Gulf of Mexico. With the acquisition of the lubricant formulation, blending, and distribution business, we are excited to expand our offering,” added John Stone, Jr., General Manager of Stone Oil.
“Mega Lubricants and John W. Stone Oil Distributor are very complementary businesses that share the same business spirit: a commitment to safety, quality, and service.
“Mega Lubricant’s delivery operations will expand Stone Oil’s existing distribution and delivery operations. We look forward to integrating seamlessly because of the similarities in corporate culture and personnel. We are excited about this acquisition and continue to look at growth in the future.”
Photo credit: Martin Midstream Partners L.P.
Published: 4 January, 2020
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