KANSAS CITY, Mo. (AP) â¿¿ Inergy Midstream L.P. announced Monday that it is acquiring US Salt LLC from its parent company Inergy L.P. for $192.5 million.
US Salt, located outside of Watkins Glen, N.Y., is one of five major solution mined salt manufacturers in the United States. It produces evaporated salt products for food, industrial, pharmaceutical and water conditioning.
Inergy Midstream said the deal complements its existing natural gas business as US Salt's mining process creates salt caverns that can be developed into usable natural gas and natural gas liquids storage. US Salt has approximately 10 billion cubic feet of available cavern space that could potentially be developed for natural gas storage.
Inergy Midstream, based in Kansas City, Mo., owns and operates natural gas storage facilities in the Northeast. Its parent company is a publicly traded limited partnership that is also located in Kansas City, Mo.Shares of the parent company fell 11 cents to $17.83 in midday trading.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV