Posts By Date - Green Markets

Martin Resource Management Announces New JV

August 29, 2017Breaking Industry News, Sulfuric AcidSteve Seay

Martin Resource Management Corp. (MRMC), Kilgore, Texas, on Aug. 29 announced the formation of a new joint venture pertaining to Martin Product Sales LLC’s sulfuric acid business. The jv, to be named Saconix LLC, is being formed with Copperbeck Energy Partners LLC, a portfolio company of Tailwater Capital LLC. MRMC is contributing the entirety of the business to Saconix, which will continue to be headquartered in Roswell, Ga. Additionally, MRMC says all employees will continue in their existing roles providing a seamless transition for customers and suppliers of the business. Upon closing, Copperbeck will own 62.5 percent of Saconix and MRMC will own the remaining 37.5 percent.

“I’m proud of the significant accomplishments and growth achieved by the Martin Product Sales sulfuric acid team over nearly two decades,” said Ruben Martin, MRMC president and CEO. “The team provides our hallmark and industry-leading customer service experience in handling, transportation, safety, technical and related sulfuric acid expertise. The formation of Saconix is the logical next step forward for the business and will allow us to provide a more comprehensive set of capabilities to new and existing customers. This new joint venture marries Martin’s sulfuric acid logistics and service solutions with Copperbeck’s focus on strategic corporate development and growth through additional capital investment. We look forward to the new avenues of growth that this partnership with Copperbeck should provide for our customers, suppliers and for the Saconix employees.”

The jv is expected to close on or before Oct. 15, 2017, and remains subject to customary closing conditions and required consents.

Agrium Acquires Locations from Southern States

Agrium Inc. announced today a binding purchase agreement between its Crop Production Services Ag-retail business and Southern States Cooperative Inc. for the acquisition of 20 Ag-retail locations in the states of Georgia and Florida and its integrated cotton ginning business in Statesboro, Ga. Anticipated annual revenue from these locations is over $100-million.

“Agrium remains focused on enhancing our retail distribution network in the U.S. and this acquisition will allow us to further capitalize on our existing presence in these regions,” commented Agrium’s President and CEO Chuck Magro. “We would like to extend a warm welcome to the Southern States Ag-retail employees and are enthused to bring the latest in technologically advanced proprietary products and precision-ag services to grower customers in the southeastern U.S.”

“While we have great employees and customers in southern Georgia and northern Florida, this agreement will provide opportunity to these stakeholders and allow Southern States to optimally focus resources within our footprint to serve our members and customers more efficiently and effectively,” stated Southern States President and CEO, Jeff Stroburg.

The transaction is subject to customary closing conditions and is expected to close in September.