Mitsui O.S.K. Lines (TYO:9104) will acquire 100% of LBC Tank Terminals Group Holding Netherlands Coöperatief U.A., a major independent tank terminal operator handling chemicals in Europe and the US, according to a Monday filing on the Tokyo Stock Exchange.
Financial terms were not disclosed.
LBC operates seven terminals in Antwerp, Rotterdam, Houston, Freeport, and Baton Rouge, with a total capacity of about 3 million cubic meters.
The acquisition gives Mitsui onshore storage capabilities, enhancing its chemical logistics business alongside its chemical tanker and container operations. Mitsui expects the deal to yield a roughly 10% equity internal rate of return.
Mitsui said the acquisition supports its "Blue Action 2035" plan to diversify from shipping into more stable revenue streams. LBC and eight of its subsidiaries will become specified subsidiaries of Mitsui, as their capital exceeds 10% of the company's total capital.
Price (JPY): $5563.00, Change: $-35, Percent Change: -0.63%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.