Business & Finance
Business and Finance
Business and Finance
Wed, July 28, 2010Tue, July 27, 2010Mon, July 26, 2010Fri, July 23, 2010Thu, July 22, 2010Wed, July 21, 2010Tue, July 20, 2010Mon, July 19, 2010Sat, July 17, 2010Fri, July 16, 2010UGI Reports Sale of Propane Import Terminal
Published in Business and Finance on Thursday, July 22nd 2010 at 5:16 GMT by Market Wire
VALLEY FORGE, Pa.--([ BUSINESS WIRE ])--UGI Corporation (NYSE: UGI) announced today that its wholly-owned subsidiary, UGI Energy Services, Inc., has agreed to sell Atlantic Energy to DCP Midstream Partners, LP (NYSE: DPM) for $49 million plus inventory and other working capital. Atlantic Energy owns and operates a marine import terminal with 20 million gallons of above ground storage in the Port of Chesapeake, Virginia.
"Although a high-quality asset with a consistent earnings history, we have decided that Atlantic Energy is no longer a strategic asset and we will redeploy the proceeds of the sale to our core businesses."
Lon R. Greenberg, chairman and chief executive officer of UGI, said, aAlthough a high-quality asset with a consistent earnings history, we have decided that Atlantic Energy is no longer a strategic asset and we will redeploy the proceeds of the sale to our core businesses.a
The sale is expected to close in August 2010. UGI expects to record a gain of approximately $0.15 per share in its fourth fiscal quarter.
UGI Energy Services, the energy marketing unit of UGI, markets natural gas, electricity, and fuel oil to over 8,000 commercial and industrial customers at over 25,000 locations throughout the mid-Atlantic region, owns and operates natural gas storage and peaking plants for utility clients, and owns 112 megawatts of electric generation capacity.
UGI is a holding company with propane marketing, utility and energy marketing subsidiaries.
Additional information about UGI and UGI Energy Services is available at [ www.ugicorp.com ] and [ www.ugienergyservices.com ], respectively.
