Westway Group, a provider of bulk liquid storage through its Westway Terminal subsidiary, and liquid animal feed supplements through Westway Feed Products, could be one step closer to selling this latter subsidiary after it entered into final negotiations. The company is also looking to sell a number of its European-based bulk liquid storage terminals.
ED&F Man Holdings, Westway’s largest stockholder, could acquire the supplement business and storage terminals after a binding purchase agreement has been completed, among other conditions.
The European terminals to be sold are located in Dublin, Ireland; Esbjerg, Denmark; and Liverpool, Hull and Grangemouth in the UK.
In addition, Westway is also in talks with a group of potential buyers of its Westway Terminals business.
Westway is exploring these sales following its strategic review process. The company’s chairman Francis Jenkins Jr. says the sale of these two businesses ‘could best serve to maximise aggregate value for the company’s stockholders, while providing each business with the ability to better realise its fully growth potential under new ownership’.
Westway has not disclosed when it would like the potential transactions to be completed, if indeed either arrangement results in a transaction.