Norwegian company Odfjell sells stake in US terminal project
A Scandinavian transport business that's redeveloping a dormant cement terminal on the Cooper River is adding some American money to the mix.
Norway's Odfjell SE said it is selling almost half of its interest in the local project and two other industrial ventures to Lindsay Goldberg LLC, New York-based private equity firm that manages $10 billion in assets and capital.
Odfjell's specialty is transporting and storing bulk liquid chemicals, acids, edible oils and other special products. It owns and operates tanker ships and port terminals around the world.
Until recently, its U.S. presence has been limited to Houston.
Lindsay Goldberg will acquire a 49 percent stake in each of Odfjell's tank terminals in Rotterdam and Texas as well as its North Charleston "greenfield" project, it recently was announced.
"Odfjell sees strong growth opportunities in both Europe and North America. The purpose with the proposed partnership, therefore, will be to capitalize on these opportunities by establishing a strong platform for further investments and consolidation," the Norwegian company said in a statement.
Odfjell paid $7.8 million in December for a 20.7-acre former cement port at 1003 Virginia Ave. in North Charleston. It plans to create as many 29 jobs.
Charleston County, which has approved financial incentives for Odfjell, has said the company initially would invest $30 million on improvements, including the construction of a new dock on the site, which is served by CSX and Norfolk Southern rail lines.
Odfjell also is considering a future expansion within three to four years that would raise the value of the project to $70 million and add 17 more employees, according to the county.
Last week, the county and the state Coordinating Council for Economic Development approved a $50,000 grant to be used to offset the cost of a new access road Odfjell plans to build.
Norway's Odfjell SE said it is selling almost half of its interest in the local project and two other industrial ventures to Lindsay Goldberg LLC, New York-based private equity firm that manages $10 billion in assets and capital.
Odfjell's specialty is transporting and storing bulk liquid chemicals, acids, edible oils and other special products. It owns and operates tanker ships and port terminals around the world.
Until recently, its U.S. presence has been limited to Houston.
Lindsay Goldberg will acquire a 49 percent stake in each of Odfjell's tank terminals in Rotterdam and Texas as well as its North Charleston "greenfield" project, it recently was announced.
"Odfjell sees strong growth opportunities in both Europe and North America. The purpose with the proposed partnership, therefore, will be to capitalize on these opportunities by establishing a strong platform for further investments and consolidation," the Norwegian company said in a statement.
Odfjell paid $7.8 million in December for a 20.7-acre former cement port at 1003 Virginia Ave. in North Charleston. It plans to create as many 29 jobs.
Charleston County, which has approved financial incentives for Odfjell, has said the company initially would invest $30 million on improvements, including the construction of a new dock on the site, which is served by CSX and Norfolk Southern rail lines.
Odfjell also is considering a future expansion within three to four years that would raise the value of the project to $70 million and add 17 more employees, according to the county.
Last week, the county and the state Coordinating Council for Economic Development approved a $50,000 grant to be used to offset the cost of a new access road Odfjell plans to build.
