Note – See Past News item on “Refinery News” section (4/6/2006) on Marsulex who is current major Refinery Sulfur handler, also acquired Oxbows Petcoke Handling business for USGC & VZ Refineries.
Marsulex to acquire petroleum coke cutting and handling business servicing U.S. Gulf Coast oil refineries
Friday March 31, 2:47 pm ET
TORONTO, March 31,2006 /CNW/ – Marsulex Inc. (TSX: MLX – News) announced today that it has entered into an agreement to acquire Oxbow Industrial Services, LLC (“OIS”), a leading provider of in-refinery petroleum coke (“petcoke”) cutting and bulk handling services to major oil refineries in the U.S. Gulf Coast and West Coast and Venezuela, from Oxbow Carbon & Minerals LLC. The acquisition includes a 100% owned domestic group and a 50% interest in a joint venture in Venezuela. The purchase price of the acquisition, which is expected to close later next week, is US$27 million, or approximately $32 million Canadian, excluding transaction costs, and will be funded substantially with debt from the Company’s existing credit facility: $10 million from the remaining Term Loan and $21.5 million from an incremental facility. The in-refinery services business will operate under the Marsulex name.
