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EDF Man sells Westway Terminals |
ED&F Man is selling its bulk liquid storage company Westway Group to Shermen WSC Acquisition Corp for $103m in cash |
| ED&F Man is selling its bulk liquid storage company Westway Group to Shermen WSC Acquisition Corp for $103m in cash and a combination of newly issued common and convertible preferred shares of Shermen valued at $165.1m. Peter Harding, who will be CEO of the newly formed company, said: "This transaction will provide Westway with the financing and independence necessary to develop the growth and expansion opportunities of our businesses." Francis P Jenkins, current chairman and CEO of Shermen, will become chairman of the board of Westway Group and G Kenneth Moshenek, current president and a director of Shermen, will become a director of the company. Shermen will be renamed Westway Group, Inc and will be headquartered in New Orleans. |
| Article contains 119 words |
| Added to TankTerminals.com on: Thursday, November 27, 2008 by Source HCB -Posted by Tony Quinn. |
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