Tractebel purchases Cabot LNG for $ 680 mm

Jul 13, 2000 02:00 AM

Tractebel announced the purchase of Cabot LNG for $ 680 mm. Under the terms of the agreement, Tractebel will acquire Cabot's LNG terminal in Everett, Massachusetts, Cabot's 10 % interest in a liquefaction facility in Trinidad and Tobago, and Cabot's LNG tanker, Matthew. The transaction is expected to close in late August 2000. "In the present market circumstances, this acquisition will contribute positively to Tractebel's results from the outset," said Jean-Pierre Hansen, CEO of Tractebel. "The integration of Cabot LNG will create synergies with existing LNG and natural gas operations within our group," stated Hansen.
The acquisition of Cabot LNG provides a 20 % share of the Atlantic basin. It creates a firm foothold in the physical gas markets in the Northeast that will allow Tractebel to serve the power industry in the north-eastern United States. It also provides an ideal complement to TEMI, Tractebel's North American energy trading arm. TEMI is already active in the market, particularly in the Boston region.
In the Boston gas market, Cabot enjoys a unique competitive position as a major owner of storage capacity, a base-load gas-supplier and gas peak-shaver. Tractebel and its affiliate, Distrigas (of Belgium), will bring extensive technical, economic and marketing experience to the LNG market.

Cabot LNG is a division of the world-wide speciality chemicals manufacturer Cabot Corporation, and is the only active importer and distributor of LNG on the East Coast. Headquartered in Boston, it operates an LNG import terminal in Everett, Massachusetts and supplies 20 % of the total New England gas market. The LNG is distributed to utilities, electric power generators, gas marketing companies and industrial end users in New England. Cabot LNG has 86 employees.
Founded in 1882, Cabot is a global speciality chemicals, materials and energy company with 1999 sales of $ 1.7 bn. Headquartered in Boston, Mass., Cabot's business units include Carbon Black, Fumed Silica, Inkjet Colorants, LNG, Microelectronics, Performance Materials, Plastics and Speciality Fluids.

Tractebel is a global energy and services business operating in more than one hundred countries, with a range of activities covering not only electricity and gas, but also energy services, engineering, technical installations and waste management. It is France's Suez Lyonnaise des Eaux group's sole arm for all energy activities. The Tractebel group represents an installed electricity generating capacity of about 46,000 MW-either already installed or at an advanced state of development-of which 30,000 is outside Belgium. It operates gas transport networks in Europe, Latin America and Asia. The company meets and exceeds local environmental standards, and is continually developing innovative programs to enhance the environment and communities it serves. Founded in 1895, Tractebel is one of the five largest power producers in Europe.
Tractebel's core business is electricity and gas, including the generation of electricity, transportation, distribution, purchase and sale of energy. The company employs 70,000 people and has a presence in more than 100 countries. It operates 20 US-based power plants in 12 states, including Massachusetts.

Source: Tractebel Purchases Cabot
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