WALTHAM, Mass., Aug. 23 /PRNewswire-FirstCall/ -- 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, today announced that it has signed an agreement to
purchase a 170,000 barrel refined petroleum products terminal in Macungie,
Pennsylvania from Pipeline Petroleum, Inc. and related parties.
"The Macungie acquisition advances several elements of our growth
strategy," said Eric Slifka, president and chief executive officer of Global
Partners. "First, the terminal broadens our footprint into a new and
geographically strategic location in southeastern Pennsylvania, close to major
transportation corridors and population centers. Second, the terminal has
storage capacity for more than 7 million gallons of refined products,
including distillates, as well as gasoline and diesel fuel, which allows us to
continue to expand our non-weather sensitive product lines. From a financial
perspective, we expect the Macungie terminal to generate strong cash flow and
to be fully accretive to our unitholders, furthering another key objective of
the Partnership."
Global Partners' acquisition of the Macungie terminal is expected to close
in the third quarter of 2006, subject to due diligence and other customary
conditions.
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