Ultramar Ltd. to buy Universal Terminals Inc.
MONTREAL (Aug. 27, 1999) — Ultramar Ltd. has agreed to buy most of the assets of Universal Terminals Inc., including three terminals and five bulk plant facilities in Eastern Ontario along the Saint-Lawrence Valley. Financial terms were not disclosed.
Ultramar, a subsidiary of Ultramar Diamond Shamrock, said the acquisition “evidences our firm commitment to … expand the Quebec refinery orbit into Ontario.”
Montreal-based Ultramar owns and operates a 160,000 barrel per day refinery in Saint-Romuald, near Quebec City. It markets gasoline and diesel fuel through a network of approximately 1300 retail outlets, 83 cardlocks, and sells heating oil to over 250,000 households.
The deal, which is subject to regulatory approval, includes a retail home heat business with opportunity to supply additional wholesale business, and the petroleum product inventories on hand at closing.
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