Kinder Morgan Energy Partners LP, one of the nation’s largest pipeline companies, agreed to buy four terminals from St. Louis-based Slay Industries for $98 million.
The assets include a river terminal in Sauget, a liquid bulk terminal and a warehousing distribution center in St. Louis and a terminal in Muscatine, Iowa.
The purchase gives Kinder Morgan a toehold in the St. Louis terminal market and "unparalleled access to major markets via rail and waterway," Jeff Armstrong, president of the company’s terminals business, said Wednesday in a statement.
Houston-based Kinder Morgan and Slay Industries also formed a joint venture at Slay’s Kellogg Dock coal terminal in Modoc, Ill., and new North Cahokia terminal in Sauget, which includes 175 acres for development.
Slay Industries was founded 90 years ago as Slay Motor Freight and generates annual revenue exceeding $125 million, according to the company’s website.
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