Westway Group, Inc. Announces Expansions At Three Terminal Locations
NEW ORLEANS, Sept. 28, 2010 (GLOBE NEWSWIRE) -- Westway Group, Inc. (Nasdaq:WWAY) ("Westway" or the "Company") today announced that its subsidiary, Westway Terminal Company LLC, is in the process of expanding the capacity of three terminal sites:
- A long-term agreement has been signed with a major oil company to lease five new 630,000 gallon tanks that are currently under construction at our Houston 2 terminal. These tanks are expected to be on line and in service starting in November 2010. The expansion will increase the total capacity of our Houston 2 terminal by approximately 3.2 million gallons. Once this expansion is completed, Westway's two terminals in Houston will have a total capacity of approximately 92 million gallons, representing the Company's largest investment in its global network of terminal facilities.
- A long-term agreement has been signed with a current customer to construct a 200,000 gallon specialty product tank at our Sioux City, Iowa terminal. Completion of this project is expected by December 2010.
- Nine stainless steel tanks totaling approximately 4.2 million gallons of capacity in the aggregate are currently under construction at our Amsterdam, Netherlands terminal with completion expected in the first quarter of 2011. After completion, this facility will have a total capacity of approximately 31 million gallons.
Commenting on these near-term projects, James B. Jenkins, Chief Executive Officer, stated that, "Westway continues to make significant investments in the expansion of our terminal operations, which--once these expansions are completed--will afford the company a global footprint of approximately 362 million gallons. Of equal importance is the fact that we are ahead of the schedule envisioned at the time of our business combination in 2009 of reaching 370 million gallons by the end of 2011. We are proud of the many accomplishments of our Westway team of professionals, their dedication to the profitable growth of our company and the fostering of a global Westway brand with a mantra of delivering the highest quality of customer service everywhere in our system."
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