GE to buy stake in fuel-storage terminals
General Electric Co. said Monday that one of its divisions is buying a majority stake in a company that operates terminals for receiving and storing gasoline, diesel and other petroleum products, Businessweek reports.
GE Energy Financial Services will buy a 58 percent stake in Lightfoot Capital Partners for $85 million. Lightfoot owns Arc Terminals, which operates petroleum product terminals in eight states. Arc's terminals can store up to 3.6 million barrels of fuel, and they can distribute that fuel via pipeline, rail or truck.
Separately, Lightfoot said that it also plans to invest in a liquefied natural gas terminal in Pascagoula, Miss., that GE partially owns. Lightfoot Capital will buy a 48 percent stake in Arc LNG Holdings LLC, which will own a 20 percent interest in Gulf LNG Energy's terminal. GE controls a 50 percent stake of Gulf LNG.
GE's stock rose 7 cents to $16.38 in premarket trading.
GE Energy Financial Services will buy a 58 percent stake in Lightfoot Capital Partners for $85 million. Lightfoot owns Arc Terminals, which operates petroleum product terminals in eight states. Arc's terminals can store up to 3.6 million barrels of fuel, and they can distribute that fuel via pipeline, rail or truck.
Separately, Lightfoot said that it also plans to invest in a liquefied natural gas terminal in Pascagoula, Miss., that GE partially owns. Lightfoot Capital will buy a 48 percent stake in Arc LNG Holdings LLC, which will own a 20 percent interest in Gulf LNG Energy's terminal. GE controls a 50 percent stake of Gulf LNG.
GE's stock rose 7 cents to $16.38 in premarket trading.