ROTTERDAM, THE NETHERLANDS: Vopak, the world’s leading independent tank storage company, has agreed to sell its terminal in Savannah, USA, to BWC Terminals, a US-based bulk liquids storage company, for USD 106 million.
The terminal, which has a capacity of 250,566 cubic meters, is mainly used for the storage of vegetable oils, asphalt and specialty chemicals. The sale is part of Vopak’s strategy to improve the financial performance of its portfolio and focus on its core markets and products.
The transaction, which is subject to customary closing conditions and US capital gains tax, will result in net cash proceeds of approximately USD 80 million for Vopak. The company will also report an exceptional gain in the first half of 2023.
Maria Ciliberti, Division President Vopak Americas, said: “Although within Vopak we will surely miss our colleagues at the Savannah terminal, we are convinced that our customers and colleagues will be well served by becoming part of BWC Terminals’ network in North America. We would like to thank our Savannah colleagues and customers for their trust and contribution to Vopak and will work together towards a closing and smooth transfer to BWC Terminals.”
Michiel Gilsing, Chief Financial Officer of Vopak, said: “The divestment of the Savannah chemical terminal is in line with our strategic goal to improve the financial performance of the portfolio, grow Vopak’s footprint in gas and industrial terminals and accelerate towards new energies. We remain committed to actively manage our portfolio towards infrastructure investments that support the long-term cash flow profile and return ambitions of the company.”
The completion of the divestment is expected to be finalized in the second quarter of 2023.
Vopak is an independent infrastructure provider with a network of 78 terminals in 23 countries. It stores and handles products ranging from chemicals, oil, gases and LNG to biofuels and vegoils. It also develops new infrastructure solutions for new energies such as hydrogen, ammonia, CO2 and flow batteries.