Watco reaches deal to acquire Kinder Morgan terminals (1/23/2015)
1/23/2023Watco Cos. LLC has reached an agreement with Kinder Morgan Terminals to purchase 31 U.S. terminal operations.
Watco Terminal and Port Services will operate the 31 terminals, which span from Stockton, Calif., to Brooklyn, N.Y., and include 14 transload and switching facilities, 13 operations on inland waterways, three operations that provide deepwater stevedoring with material handling services, and one inland river tank farm. Closing is expected to occur in multiple phases beginning in the first quarter.
"This is an expansion of Watco services that will bring several great connections between terminals, ports and railroads," said Watco President Rick Baden in a press release. "We think this has strong growth opportunities for each of these locations, their customers and the communities they serve."
Watco also named both Will Patterson and Derek Penner senior vice president of marketing and sales for Watco Terminal and Port Services.
Most recently VP of growth and development for Watco Terminal and Port Services, Patterson will lead efforts to generate revenue growth across the company's terminal network that will include the 31 facilities as well as the Greensport Industrial Park in Houston. He previously was an analyst at River Consulting and spent nearly 14 years with Kinder Morgan Terminals.
Most recently director of market development for Watco Terminal and Port Services, Penner will be responsible for managing the company's marketing efforts for the energy by rail terminal network and existing terminals. He previously served Watco as a business development manager.
In addition, Watco appointed Stefan Loeb executive VP and chief marketing officer. He will be responsible for generating growth at Watco Transportation Services’ railroads and contract switching locations, and Watco Terminal and Port Services’ facilities.
Loeb most recently was SVP of marketing and strategic development for Watco Transportation Services. He joined Watco in 2010 as VP of business development. Loeb previously was VP-client manager for Bank America and held several positions for LaSalle Bank.
Source: Progressive Railroading Daily News