Houston-Kinder Morgan Energy Partners LP reports that it recently paid an aggregate consideration of $7.3 million for all the membership interests in Devco USA LLC, Tulsa, Okla. This consists of $4.8 million in cash, $1.6 million in common units, and $0.9 million of assumed liabilities. Kinder Morgan said the primary asset acquired was a technology based identifiable intangible asset–a proprietary process that transforms molten sulfur into premium solid formed pellets that are environmentally friendly, easy to handle and store, and safe to transport. The process was developed internally by Devco’s engineers and employees. Devco has more than 20 years of sulfur handling expertise and KMP said the acquisition and subsequent application of this acquired technology complements existing dry-bulk terminal operations. KMP told Green Markets that no changes have been made in Devco management.
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