Teppco's partner receives approval to acquire Arco Pipe Line's assets

Jul 18, 2000 02:00 AM

Texas Eastern Products Pipeline Company, the general partner of Teppco Partners, announced that it has received approval from the Federal Trade Commission (FTC) to acquire the assets of Arco Pipe Line (APL) Company.
"We are pleased that the FTC has approved Teppco's acquisition of Arco Pipe Line," said William L. Thacker, chairman, president, and CEO of the general partner of Teppco. "We expect the acquisition will be accretive to both income and cash flow on an annual basis in 2001. We will integrate the two organisations to take advantage of the synergies being afforded by this transaction, while maintaining the same high quality service our customers have come to expect."

The Arco Pipe Line assets include APL's interest in the Seaway crude transportation pipeline from the Texas Gulf Coast to Cushing, Oklahoma; crude oil terminal facilities in Midland, Texas, and Cushing, including the line transfer and pump-over business at each location; an undivided ownership interest in both the RanchoPipeline and the Basin Pipeline; and APL's West Texas Trunk System.

Source: Teppco Partners, L.P. via Newspage
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