Pennsylvania Food Merchants Association
Join
Menu
  • About Us
    • Become A Member >
      • Retail Membership
      • Associate Membership
    • Corporate Leadership Sponsors
    • Board of Directors
    • Contact Us >
      • Staff Directory
      • Directions
      • Lodging Information
    • Antitrust Statement
    • Partner Organizations
    • Work at PFMA
    • Members Only Login
  • Government Relations
    • Advocacy >
      • 2021 Pennsylvania Priorities
      • 2021 Federal Legislative Priorities
      • Philadelphia Issues
      • Pittsburgh Issues
      • 2020 Legislative Summary
      • Visiting the Capitol
    • Committees
    • GR Team
    • FoodPAC >
      • Contribute to FoodPAC
    • Resources/Training >
      • Member Resources
      • Emergency Planning >
        • COVID-19
      • Ramp Training
      • A Bag's Life
      • Helpful Links
  • News and Publications
    • Annual Reports
    • Spectrum Newsletter
    • Year-end Reports
    • News Releases
    • PFMA in the News
    • News Archive
    • Weather Alerts
    • Media Contacts
    • Vacation Scheduler
  • Events Calendar
    • 2021 Annual Conference
    • 2021 Fall Conference
  • Services
    • Retail Coupon Processing >
      • Program Highlights
      • How To Get Started
      • Request Information
      • Dealing with Mfg Deductions
      • Sample Coupon Policy
      • Counterfeit Coupon Alert
    • Retail Price Accuracy >
      • SCP Board of Advisors
      • Inspections
      • Publications
      • Request Information
      • Related Links
    • Endorsed Services
  • Ridge Scholarship
    • Ridge Scholarship Application
    • Ridge Scholars >
      • 2019 Ridge Scholars
      • 2018 Ridge Scholars
    • Contribute / Start a Scholarship
  • test

Speedway Closes Deal on Hess Retail Stores

10/6/2014

0 Comments

 
FINDLAY, Ohio, Oct. 1, 2014 – Marathon Petroleum Corp. (NYSE: MPC) announced that on Sept. 30, 2014, its subsidiary, Speedway LLC, closed its acquisition of Hess’ retail operations and related assets. The $2.82 billion transaction includes a $2.37 billion base purchase price, capital leases that were cash settled at closing for $263 million, and $194 million of estimated working capital, subject to post-closing adjustments. The transaction was announced May 22, 2014, and includes all of Hess’ retail operations, transport operations, and shipper history on various pipelines.

“This transformative acquisition provides Speedway a significant growth platform by expanding our retail presence to 23 states throughout the East Coast and Southeast,” said MPC President and Chief Executive Officer Gary R. Heminger. “Growing Speedway’s footprint as a premier convenience store operator into the Eastern U.S. supports our strategic focus of increased investment in our stable cash-flow businesses. We believe targeting the significant synergy potential in this business, including best practices and economies of scale, should drive continued earnings growth into the future and enhance the value proposition to MPC investors.”

0 Comments



Leave a Reply.

    RSS Feed

The Pennsylvania Food Merchants Association. All Rights Reserved. © 2018
1029 Mumma Road, Wormleysburg, PA 17043
Phone: (717) 731-0600 • Toll-Free (800) 543-8207
Email: pfma@pfma.net
Website by WebLink International
MemberClicks | Member Management Software