Kinder Morgan buys stake in MID-SHIP
MID-SHIP Marine Inc. of Port Washington, N.Y., said it has sold a minority interest to Kinder Morgan Bulk Terminals.
The deal will allow the two companies to offer “extensive services across the entire supply chain while simultaneously maintaining the independence of both companies,” said Matt DeLuca Jr., chairman and chief executive of MID-SHIP.
MID-SHIP will have chartering, logistics and trucking divisions.
Kinder Morgan Energy Partners is the largest independent U.S. terminal owner/operator with about 150 terminals with a liquids storage capacity of about 70 million barrels for petroleum products and chemicals. In addition, Kinder Morgan annually handles more than 90 million tons of bulk materials such as coal, petcoke and steel.
MID-SHIP’s board of directors will now comprise MID-SHIP partners Bob Diamond, Brian Malone, Steve Rzehak, George Kachmar and Matt DeLuca Jr., as well as KMBT vice presidents John Schlosser and Joe Pontoli.