Vopak acquires distribution terminals in Canada
Royal Vopak has acquired Canterm Canadian Terminals – a company with two distribution terminals for the storage and handling of refined products in Montreal and Quebec City, Canada. With the acquisition, Vopak Canada increases its storage capacity with 509,000cbm to 712,000cbm, and strengthens its presence in all strategic distribution market locations in eastern Canada.
The acquisition in Canada is part of Vopak’s global strategy to consolidate its position in the development of import and distribution terminals in areas with structural deficits in the refined product markets. The acquired company was previously owned and operated by TransMontaigne. The company and its assets were acquired by Vopak through a tender process. Both the terminals will now be owned and operated by Vopak Canada.
The newly acquired Vopak terminals in Montreal and in Quebec City have a storage capacity of 339,000cbm and 170,000cbm respectively. Following the completion of an expansion project under construction of 72,000cbm in Montreal, expected to be commissioned in Q1 2015, the acquired terminals will have a combined storage capacity of 581,000cbm. Vopak currently has two terminals in Hamilton and Montreal.