Both companies have been under common ownership since December, when institutional investors advised by J.P. Morgan Asset Management acquired Contanda. The combined company will have 18 sites with over 10 million bbl of storage capacity.
Michael ("Mike") Suder, a terminal industry veteran and the current CEO of BW Terminals, will assume the role of Contanda CEO and serve as the CEO of the combined Contanda–BW Terminals organisation post-merger. His appointment follows G.R. ("Jerry") Cardillo's decision to pursue other opportunities. The combined company will be headquartered in Houston, Texas, US.
The Board of Directors issued the following statement: "Mike has a proven record of accomplishment at BW Terminals and has overseen tremendous growth at each of the companies he has led throughout his almost three-decade career in the terminals industry. We believe he is the ideal leader for the Contanda–BW Terminals organisation. We have tremendous respect for what Contanda has achieved under Jerry's leadership and wish him well in his future endeavours."
"Both Contanda and BW Terminals have a reputation for exceptional service enabled by dedicated employees. By bringing Contanda and BW Terminals together, we are entering a new chapter of growth and success," said Suder. "I look forward to leading this combined organisation and I firmly believe that the combination will further enhance our customer service offering and create a leading platform in the industry."
The integration is expected to be complete in the first half of 2020.
Read the article online at: https://www.tanksterminals.com/terminals/24022020/contanda-and-bw-terminals-reach-merger-agreement/