Expansion
Alon USA announced it would buy Paramount Petroleum Corp. for $307 million cash, and assume $100 million in debt. The deal closed in August 2006.
Alon USA also plans to buy the assets of Edgington Oil Co. for $52 million cash, a deal delayed in closing due to an FTC request for further information.
Among Paramount's assets are a 54,000 barrels per day (8,600 m3/d) refinery in Paramount, California, and seven asphalt terminals. Edgington is a topping refinery located in Long Beach, California with a listed capacity of about 40,000 barrels per day (6,400 m3/d).
In July 2006 Alon USA closed on the transaction to purchase 40 convenience stores from Good Time Stores. They are in the process of converting these stores to the FINA and 7-Eleven brands.
In March 2007 Alon USA announced that it would purchase Abilene Based Skinny's convenience stores for 70 million dollars.
In May 2008 Valero announced they had sold the 85,000 BPD Krotz Springs, Louisiana refinery to Alon USA for $433 million.
On June 2nd, 2010 Alon announced that it has completed the acquisition of the Bakersfield, California refinery from Big West of California, LLC, a subsidiary of Flying J Inc. The purchase price of the Bakersfield transaction, including substantially all of the assets of Big West, consists of $40 million in cash. The Company also acquired the Bakersfield refinery's existing inventory as of the closing date of the transaction. The Bakersfield refinery is located in California's Central Valley and has the capacity to refine up to 70,000 barrels per day of crude oil. The refinery is supplied by crude oil produced in the San Joaquin Valley with its products marketed in California, and is a major provider of motor fuels in central California.
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Famous quotes containing the word expansion:
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—John Dos Passos (1896–1970)
“Artistic genius is an expansion of monkey imitativeness.”
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—Gail Sheehy (20th century)