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International-Matex Tank Terminals, a New Orleans-based bulk liquid storage company, has sold its Gretna terminal to BWC Terminals LLC of Houston.
Terms of the deal were not disclosed.
IMTT had owned the terminal for 32 years. It has roughly 2.3 million barrels of storage capacity along with access to truck, rail and deepwater marine transportation.
Though IMTT officials declined to divulge the reason for the sale, a company news release called the move a “difficult decision.”
“BWC’s commitment to continuing to operate Gretna with the current team in place, and in a safe, environmentally responsible, and efficient manner was a major factor in our decision,” IMTT Chairman and CEO Carlin Conner said in a news release, noting BWC Terminals LLC has a terminal in nearby Harvey. BWC Terminals LLC also has locations in Port Allen and Westwego.
IMMT, which was founded in 1939, will continue to own and operate its 16 other terminals in North America, including three Louisiana facilities in Avondale, St. Rose and Geismar. Those three complexes generate nearly 70% of the company’s revenue from non-petroleum product handling.
The company said in 2021 it plans to invest more than $100 million at its Geismar terminal so it can handle renewable fuels.
“With the reinvestment of proceeds from this transaction and the execution of contracted renewable fuel and chemical-related infrastructure projects that are in progress, over half of the company’s revenue in 2023 will be generated from the handling of non-petroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals,” Conner said.
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