WALTHAM, Mass., Sept 05, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Global Partners LP
(NYSE: GLP), one of New England's largest wholesale distributors of
distillates, gasoline and residual oil to wholesalers, retailers and
commercial customers, announced today that it has completed the acquisition of
a refined petroleum products terminal in Macungie, Pennsylvania for a purchase
price of approximately $3.9 million. The acquisition is expected to be
accretive to Global Partners' unitholders on a cash available for distribution
basis.
Acquired from Pipeline Petroleum, Inc. and one of its affiliates, the
Macungie terminal has storage capacity for approximately 170,000 barrels of
refined products. The terminal will be a distribution point for three grades
of gasoline, diesel fuel, home heating oil and specialty fuel additives.
Macungie is the second terminal facility Global Partners has acquired in
2006. "Situated between Philadelphia and New York, the terminal is in a great
strategic location that strengthens our Northeast presence, expands our
footprint into southeastern Pennsylvania and creates additional revenue
opportunities for our transportation fuels product lines," said Eric Slifka,
president and chief executive officer of Global Partners.
About Global Partners LP
Global Partners LP, a master limited partnership based in Waltham,
Massachusetts, is one of the largest wholesale distributors of distillates
(such as home heating oil, diesel and kerosene), gasoline and residual oil to
wholesalers, retailers and commercial customers in New England. Global
Partners LP trades on the New York Stock Exchange under the ticker symbol
"GLP." For additional information, please visit http://www.globalp.com.
Safe Harbor Statement
This news release contains certain "forward-looking statements" within the
meaning of the federal securities laws. These forward-looking statements are
identified as any statements that do not relate strictly to historical or
current facts and can generally be identified by the use of forward-looking
terminology including "will," "may," "believe," "expect," "anticipate,"
"estimate," "continue" or other similar words. Such statements may discuss
business prospects, new developments and future expectations or contain
projections of results of operations, financial condition and Global Partners
LP's ability to make distributions to unitholders. These statements are not
guarantees of performance. Although Global Partners LP believes these
forward-looking statements are based on reasonable assumptions, statements
made regarding future results are subject to a number of assumptions,
uncertainties and risks, many of which are beyond the control of Global
Partners LP, which may cause actual results to be materially different from
the forward-looking statements contained in this news release. For specific
risks and uncertainties that could cause actual results to differ materially
from forward-looking statements, please refer to Global Partners LP's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, and its
Annual Report on Form 10-K for the year ended December 31, 2005. All
forward-looking statements included in this news release and all subsequent
written or oral forward-looking statements attributable to Global Partners LP
or persons acting on its behalf are expressly qualified in their entirety by
these cautionary statements. The forward-looking statements speak only as of
the date made, and Global Partners LP undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts:
Thomas J. Hollister Edward J. Faneuil
Executive Vice President and Executive Vice President,
Chief Financial Officer General Counsel and Secretary
Global Partners LP Global Partners LP
(781) 894-8800 (781) 894-8800
SOURCE Global Partners LP