IMTT Announces Sale of Five Inland Terminals
IMTT announced today that it has closed on the sale of the company’s bulk liquids storage terminals located in Alamogordo, NM; Bremen, GA; Macon, GA; Montgomery, AL; and Moundville, AL to JET Infrastructure.
These terminals collectively represent approximately one 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 IMTT Chairman and CEO Carlin Conner.
“As of today, over half of IMTT’s revenue in 2023 is expected to be generated from the storage and handling of non-petroleum 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 US and Canada.”
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 deep water dock capabilities.
Businesswire, Kim Nave, November 2, 2023