BLOUNTVILLE, Tenn. -- Titan Global Holdings Inc.'s Titan Global Energy has announced continued wholesale growth for its Appalachian Oil Co. (Appco). Appco has added four new dealer wholesale accounts in North Carolina and Tennessee since Titan closed the acquisition in September 2007. This organic growth further expands Appco's petroleum distribution footprint in the southeastern United States.
The company did not respond by presstime to a CSP Daily News request to name the wholesale accounts.
"We continue to offer wholesale customers [image-nocss] access to petroleum products from a wide range of branded and unbranded sources," John Thomas III, president of sales and marketing at Appco, said in a statement. "We will aggressively pursue continued opportunities to expand our geographic reach and increase market share in the markets we currently serve."
Appco, formed in 1923 and based in Blountville, Tenn., owns and operates an extensive petroleum product distribution network in the Southeast that generated approximately $400 million in revenues for fiscal 2006. Appco distributes petroleum products to more than 165 dealers in and owns and operates 56 convenience store locations. It has more than 550 employees and maintains long standing partnerships with strategic terminal operators and major oil companies.
"[The] continued organic growth in distribution furthers our opportunities to lead our markets in the distribution of biofuels, as well," said Marty Anderson, president and CEO of Appco. "One of our key strategic initiatives is to leverage our established distribution network to enable energy independence and environmental responsibility in our markets and to increase returns for our shareholders. We have recently announced agreements to increase our access to biofuels and our organic growth is increasing the demand for these fuels."
Titan recently announced an expanded agreement with international ethanol manufacturer Tate & Lyle to supply increasing quantities of ethanol at reduced price levels for calendar 2008. With this agreement, Appco has secured access to key biofuels to address the fast-growing demand for newer, more environmentally friendly fuel sources. As the nation increases its consumption of ethanol and other biofuels, Titan said it believes its supply agreement with Tate & Lyle will significantly advance the company's efforts to establish secure sources of such biofuels and a higher-margin product channel.
The Titan Global Energy Division aggregates traditional and next-generation energy and fuel assets that can provide opportunities for growth in one of the world's largest and most critical markets.
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